The SGR of the Intesa Sanpaolo Group acquires the investment portfolio management service of FinanzaSud SIM
Eurizon, an asset management company of the Intesa Sanpaolo Group, e Popular Agricultural Bank of Ragusa (BAPR), parent company of the banking group of the same name (BAPR Group), announce the transfer from FinanzaSud SIM (FinSud SIM), a wholly owned subsidiary of BAPR, to Eurizon for the individual management service of investment portfolios for both retail and institutional customers. The transaction takes effect from 1 May 2021. Under the new placement agreement, BAPR will continue to look after the needs of managed customers.
FinSud SIM is the Mobiliar Brokerage Company, based in Milan, of the BAPR Group. At 31 December 2020 FinSud SIM managed assets for approximately 430 million euros, of which just over 170 million euros in portfolio management of the Bank’s customers, divided into 2 GPM management lines (Monetary and Bond), referring only to securities, and 20 GPF management lines, which invest in UCIs.
The operation is in line with the objectives of the business plan of the Intesa Sanpaolo Group 2018-2021, in the course of which Eurizon has strengthened its penetration in the sector of managed savings, both through organic growth and through partnerships with third party operators. It is also consistent with the objectives of the BAPR Group 2019-2021 business plan, aimed at seeking economies of scale, scope and diversification and in particular enriching its commercial offer in the context of wealth management.
With this latest strategic initiative Eurizon further consolidates its position as leader in the Asset Management sector and affirms its competitive capacity in the new macroeconomic scenario, increasing the level of collaboration with “open” groups.
“We have cultured with enthusiasm qhis new growth opportunity, which allows us to acquire new skills capable of further enriching our investment structure and range of offer “, he has declared Xavier Perissinotto, CEO of Eurizon. “This operation also implies the start of a profitable cooperation with a dynamic and solid reality such as the Banca Agricola Popolare di Ragusa, with which we will start a privileged commercial relationship that will allow us to expand the perimeter of customers through our wide range of products. The development of new collaborations with third party operators “, he added Saverio Perissinotto. “It represents an important lever for the consolidation of our position in the sector in Italy “.
Saverio Continella, General Manager of Banca Agricola Popolare di Ragusa, he has declared: “Among the numerous offers received, the one received from Eurizon has better enabled BAPR, through the launch of a new collaboration with an extremely important partner in the field of asset management, to further strengthen the quality of the offer for our customers in the field of management and to enrich the product catalog in the area of investment services, enhancing, among other things, the professionalism present in the branch to be sold. The conclusion of this operation “, he also added Saverio Continella. “Per on the one hand, it completes the process of cost rationalization and organizational efficiency within the Group, and on the other, it is a further driving force for continuing the investments aimed at strengthening our prospective strategic positioning”.