Banca Profilo to sign platform deal to double choice for clients

Milan-based private bank Banca Profilo is looking to sign an agreement with a third-party fund distribution platform in order to more than double the number of managers currently selected by the bank for its clients.

“We currently have a direct agreement with 21 managers and by joining a platform we would be able to gradually increase the number to up to 50,” Lorenzo Fuscá, head of advisory at Banca Profilo, told Investment Europe.

He confirmed a final agreement is expected to be signed before the end of the summer.

Fuscá declined to comment on the platforms with which the bank is discussing an agreement, but it is understood that Banca Profilo has already shortlisted two of the strongest players on the Italian market.

Fuscá joined Banca Profilo in February 2012 from Banca Esperia, where he was head of portfolio and financial advisory and currently heads a team of three in charge of fund selection.

Banca Profilo’s clients base is mostly composed of high net worth individuals (HNWI), ultra HNWI, saving banks and trusts.

Banca Profilo has about €3bn assets under management. The bank’s controlling shareholder is Arepo BP, owned by Sator Private Equity Fund, which is run by former Capitalia chief executive Matteo Arpe.

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