Italy’s Mediobanca to launch new asset management platform
Mediobanca is looking at launching Mediobanca Alternative Asset Management (MAAM), a new platform aimed at improving the bank’s corporate investment banking activities, the bank’s Investor Day report has announced.
During an event presenting strategies to analysts, Mediobanca CEO Alberto Nagel (pictured) said the group will implement a simplified business model that will mainly focus on three activities: investment banking, retail and wealth management.
Nagel also said that Mediobanca is not looking to increase its capital in the next year, and is targeting a return on equity ratio of 10%-11% by 2016.
According to the report, the bank’s strategy will aim at developing activities that absorb less capital and create more commission, mainly through investments in human resources and technology.
The new MAAM platform will be launched in line with this project in three-years’ time.
In the corporate and investment banking sector the plan seeks annual growth of 10% by broadening its client base to more SMEs and institutional investors.
The report also said that new bankers will be appointed to Mediobanca’s foreign desks, which will expand to the Middle East, Russia, Eastern Europe, Latin America and Benelux, as well as Turkey, Mexico and China. The aim is for foreign clients eventually to make up 45% of the division’s revenues.