The Intesa Sanpaolo Group has strengthened its asset management business through the establishment of a new centre in Eastern Europe (HUB), a result of the strategic collaboration between Eurizon Capital and the International Subsidiary Banks Division which will consolidate all of its activities in the sector in the area.
The HUB was introduced as part of a project to rationalise existing holdings: VUB Asset Management, a Slovak company based in Bratislava, assumes the role of sub-holding company, which the Hungarian CIB Investment Fund Management and the Croatian PBZ Invest report to.
As of 31 March 2013, the three companies had around EUR2bn worth of assets under management, which are included in the scope of Eurizon Capital SGR.
The centre is controlled by Eurizon Capital SGR with a 50.1 per cent participation through the Luxembourg company Eurizon Capital SA. The Slovak bank VUB Bank (Všeobecná Úverová Banka) holds a 40.6 per cent participation and the Croatian Bank PBZ (Privredna Banka Zagreb) has a 9.3 per cent participation.
The main objectives of the project – an integral part of the strategic development of Intesa Sanpaolo, aimed at further strengthening the internationalisation of the group which is currently present in over 40 countries – are:
· Consolidate and strengthen the asset management activities of the group in Slovakia, Hungary and Croatia by developing asset management in Eastern Europe;
· 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 the production structure and achieve cost synergies.
In order to launch the project, the International Subsidiary Banks Division has made available its distribution capacity, the knowledge of local markets and its established relationships and Eurizon Capital will contribute its products and offerings in asset management.