Banca Sella to shift focus on asset management business
Italian lender Banca Sella, which recently confirmed it has completed the reorganisation process of its holding structure, is planning to shift the focus to its asset management arm Sella Gestioni.
According to a source close to the firm, the bank will allocate resources to relaunch its asset management business.
Hires and the development of new products as services, as well as investments on the distribution network are expected to be announced before the end of the year.
The strategic decision was triggered by findings of an audit by the Bank of Italy completed at the end of the summer.
Banca Sella’s strategy is in contrast with a more general trend in the Italian industry, where banks’ asset management arms have suffered from the allocation of investments on core activities, as well as the need to allocate resources against capital shortfalls.
Meanwhile, Banca Sella is understood to have signed an agreement to sell its Swiss Sella Bank to Edmond de Rothschild. Headquartered in Lugano, Sella Bank has about 35 employees.
Sella Gestioni was branded in 2006, following the merger between Gestnord Fondi SGR and Fiduciaria Sella. In 2007, it also completed the acquisition of Sella Capital Management SGR, which focuses on institutional clients.
Banca Sella recently completed the erger of all commercial banks owned by the group and it now operates with 300 branches across Italy.
The consolidation strategy was included in the 2010-2012 business plan of the group, and is aimed at making the structure of the holding more efficient and cost effective.