Consultinvest negotiates with Banca Network’s advisers on their new role in the company
Italian asset manager Consultinvest has released additional details on the agreement signed with troubled Italian bank Banca Network Investimenti to acquire its network of financial advisers.
Consultinvest, based in Modena, confirmed it will integrate the network, composed of about 240 advisers, with almost €2bn of assets under management.
Consultinvest will also acquire the almost 30,000 clients of the bank and its operating systems, in order to guarantee a smooth transition to the new brand.
According to market rumours, Consultinvest’s management is carrying individual negotiations on compensation packages with each adviser of the network.
Less than half of the professionals is understood to have a portfolio of more than €10m under management.
Over the last weeks, a number of advisers left the network. Andrea Mazzei left Banca Network to join Italian brokerage firm Copernico SIM, while Roberto Rodo left the bank to join Banca Fideuram in Liguria.
Banca Network has been in administration since November 2011, and at the end of May suspended all payments to creditors.