Gamax Management expands into UK
Luxembourg’s Gamax Management sealed an agreement with Ireland’s Legal & General International so that Gamax’s funds will be available to the UK company’s life insurance clients.
It marks the first step into the UK market for Gamax, which since 2001 has been part of Italian financial services company Mediolanum Banking Group.
Gamax runs about €500m in total. The actively managed funds it will offer in the UK after the link with Legal & General are run by DJE Kapital AG in Munich, and target consistent low volatility while outperforming their benchmarks.
Furio Pietribiasi (pictured), chairman of the board of directors of Gamax Management, said: “This cooperation opens up the door to an attractive clientele of wealthy individuals, whose investment decisions are made together with their independent financial advisors – another interesting target group for our products.
“We are confident that our Gamax funds, under the management of DJE Kapital AG, will be seen as a dependable option by UK investors.”
L&G clients can use the funds, for example, in LGI’s International Portfolio Bond unit-linked policy.
The Gamax Funds Junior and GAMAX Funds Maxi Fund Asia International made 47.7% and 41% in the three years to November 2008, a period which includes the sharp end of the global financial crisis.
As part of the latest agreement, L&G will also offer Gamax Funds Top 100 and Gamax Funds Maxi-Bond.
Gamax intends to see further expansionary cooperation agreements, Pietribiasi said.