Banca Generali reorganises asset management arm
Banca Generali has restructured its business, bringing its asset management division under its direct control.
BG Sgr, the asset management division, is to come under the management of Banca Generali, part of the Generali insurance group, based in Trieste.
The new division, which will have €2.1bn in assets management, will retain autonomy within the group, the bank said in a statement.
The bank said: “We expect that within two years the merger will bring about significant savings from synergies in cost and revenue, while the consolidation will have no effect on the business from an operational point of view.”
Banca Generali in a statement confirmed it would continue with its policy of open architecture.
The merger completes the reorganization of the management of Banca Generali, which last September saw BG Sgr transfer its Italian domiciled funds to Generali Investments Italy Sgr. At time, the Italian-domiciled assets were worth €389m.
The transfer will take effect on September 2012, though for accounting purposes the move is effective from January.
Banca Generali reported revenues of €1,082m, from January this year, of which €732m came from its branch network and €350m from its private banking business.