Eurizon Capital SGR, Italy-based asset management arm of the Intesa Sanpaolo Group, is reportedly planning to expand its presence in Hong Kong by applying for an asset management license.
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The license will allow the firm to sell volatility-conscious multi-asset product in Asia through its commercial branch in Hong Kong, reported Asian Investor.
Tommaso Corcos, CEO and general manager of Eurizon, said that the bank is also planning to apply for type 4 (advising on securities) and type 9 (asset management) licenses from the Securities and Futures Commission to revamp its Hong Kong business.
"We are ready for the process, the idea is to finalize everything in the first half of next year. Hong Kong is a very important gate for us to leverage our presence in China and to reach out to other Asian countries such as Taiwan and Japan," he added.
Additionally, Eurizon Capital is seeking to employ about 15 staff including investment management and marketing staff in Hong Kong within the first 18 months.
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By GlobalDataThe Hong Kong business aims to focus initially on institutional investors with its range of solutions domiciled in Italy and Luxembourg including multi-asset and multi-product portfolios with different volatility targets, limited tracking error products and quantitatively managed structured products.
Furthermore, Eurizon plans to provide multi-asset products to customers in China and Asia and initially plans to distribute its Luxembourg range.
Eurizon Capital has also unveiled plans to launch a Hong Kong-domiciled product by taking advantage of the Hong Kong-China mutual recognition scheme.
"We would love to have internal expertise based in Hong Kong for managing Chinese equities, bonds and balanced products and then have a small team in charge of managing our multi-asset platform," added Corcos.
