UniCredit has entered into a letter of intent with Italian asset manager Azimut to distribute asset management products across the country.
The deal is part of UniCredit’s plan to strengthen the capabilities and products of its asset management business as well as offer improved services to its seven million clients in Italy.
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The Italian bank, through this deal, will also look to distribute its banking solutions to Azimut.
Furthermore, Azimut will merge and independently operate a management firm in Ireland for developing investment products that will be distributed in Italy.
UniCredit’s network will be used to distribute the new products on a non-exclusive term.
Both the firms are set to introduce funds for Italian clients in the second half of next year after receiving regulatory approvals.
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By GlobalDataAs part of the implementation deal to be reached by the firms, UniCredit will have an option to apply a call on the Irish management company wholly owned by Azimut in five years or earlier on condition of approval of specific norms.
If applied the call, UniCredit will control its own factory along with its onemarkets fund products and other existing asset management solutions as well as redevelop portions of its asset management value chain in Italy and across the firm’s operations.
UniCredit CEO Andrea Orcel said: “This is an important step in UniCredit’s strategy to build and expand our ecosystem of partners to best serve the needs of clients.
“This partnership will not only allow us to offer our clients more, but also demonstrates our commitment to strengthening the asset management industry here in Italy.
“As a bank, we are always seeking out ways to generate added value for our stakeholders, while also supporting the markets in which we operate – in this case Italy’s domestic asset management market.”
In March this year, UniCredit announced a plan to integrate Cordusio SIM into its fold to augment is wealth management and private banking business in Italy.
