Italy’s Banca Patrimoni Sella & C has signed an agreement with British asset manager Schroders through which the Italian wealth management arm of Schroders will be transferred to Sella Group.
The agreement -still pending of regulatory approval by the supervisory body- will also enable Schroders to become a shareholder of the Italian bank.
Following the operation, Banca Patrimoni’s assets will amount to €12bn.
From January 2018, the private banker alongside the managers of Schroders Wealth Management Italy will be leading the newly-created area Sella Patrimoni Schroders, which based in Milan, will be offering wealth management services to local and international clients. Those WM services will also be available for Italian high-net worth investors in London, Switzerland and Asia.
Giuseppe Marsi, who is currently the country head of Schroders WM in Italy, will join the group led by Federico Sella becoming part of its managing board. Andrew Ross, who works currently as global head of WM at Schroders, will also join the new team as an adviser.
Federico Sella, managing director of Banca Patrimoni Sella, said: “This agreement adds a new development phase to the bank, as it enables us to enter new markets and to strengthen our offer.”
Andrew Ross, global head of WM at Schroders, added: “This Italo-English matrix partnership represents a new case in the Italian market, and we are particularly pleased to be able to enrich an already well-established offering at national level with our international expertise.”