Intesa San Paolo consolidates asset management in Eastern Europe
Intesa San Paolo Group has strengthened its asset management business with the opening of HUB, a new centre in Eastern Europe.
The HUB, a result of a partnership between Eurizon Capital and the International Subsidiary Banks Division, is part of a project to rationalise Slovak company VUB Asset Management, Hungarian CIB Investment Fund Management and Croatian PBZ Invest.
At the end of March, the three companies had around €2bn worth of assets under management, which are included in the scope of Eurizon Capital SGR.
50.1% of the HUB is owned by Eurizon Capital through its Luxembourg division Eurizon Capital SA, while VUB Bank and Bank PBZ have respectively a 40.6% and a 9.3% share.
As Intesa San Paolo explained, the HUB aims at further strengthening the internationalisation of the group, currently present in more than 40 countries, as well as:
• consolidate its asset management activities in Slovakia, Hungary and Croatia
• improve the quality of services and product innovation, by adopting consistent methodologies for investment management and risk management in line with the best market practice
• rationalise production and achieve cost synergies
The HUB will be managed by a supervisory board, chaired by Eurizon Capital and Centre for European Policy Studies’ Daniel Gros, and a management board, chaired by Massimo Torchiana.
Eurizon Capital’s CEO Mauro Micillo said: “The HUB seeks to achieve geographical diversification and consolidate Eurizon Capital’s presence abroad.
“The company already operates in Asia, through a 49% share in Penghua Fund Management (China) and the Eurizon Capital SA commercial branch in Hong Kong.”