Aletti Gestielle Sgr and Aletti Gestielle Alternative Sgr, the two investment companies of the Gruppo Banco Popolare di Verona e Novara group, are to out-source their fund administration needs to Dexia Fund Services Italia S.p.A. Gruppo Banco Popolare di Verona e Novara, the eighth largest mutual fund provider in Italy, is a shareholder with Dexia Group in Dexia Crediop.
The outsourcing agreement, which will be implemented from 1 January 2004, will see DFS Italia take on the administration of mutual funds, pension funds and hedge funds managed by the two companies on behalf of the Gruppo Banco Popolare di Verona e Novara group. The total value of the assets under administration is EUR16 billion invested in 38 mutual funds, one pension fund pursuing a total of five investment strategies, and three hedge funds. In eighth place in the national rankings for the sector.
“This rationalisation is part of the broader strategy, already implemented by the two savings management companies as outlined in the business strategy plan of the parent group, whose objective is to place greater emphasis on their core business of asset management,” explains Maurizio Faroni, Deputy Managing Director of Banco Popolare di Verona e Novara.
Mauro Cicchinй, Chairman of Dexia Crediop, says that after three years the plans to create a joint operational platform with Dexia Crediop’s shareholder banks – Banca Popolare di Milano and Banca Popolare dell’Emilia Romagna, as well as Banco Popolare di Verona e Novara – are making good progress. The Italian mutual fund market is the fourth largest in Europe, so Dexia will be hoping to use the platform to build a sizeable business in the country.
Gйrard Bayol, Managing Director of Dexia Crediop and Country Manager of Dexia Group in Italy, says the creation of DFS Italia was based on the assumption that Italian outsourcing market is poised to take off onshore as well as offshore. “We are very satisfied with this agreement,” adds Marco Mondaini, Managing Director of DFS Italia. “Because Aletti Gestielle is a key client for us and it demonstrates that the relationship between the two Groups is based on a solid partnership.”