Italian giant Generali plans to launch a boutique asset-management company named ThreeSixty Investments and aims to invest €1bn (£863m) in the firm's first fund.
ThreeSixty Investments will be a partnership between Generali, which will hold a majority stake, and many professional investment managers, including former CEO of Pioneer Investments Giordano Lombardo.
Mauro Ratto, senior investment professional, expert in fixed income and emerging markets strategies; Diego Franzin, senior investment professional, expert in equity strategies; and Robert Richardson, experienced executive in the asset management industry, will also hold a minority stake of the new venture.
The news was earlier reported by Italian financial newspaper Il Sole 24 Ore.
The new boutique, headquartered in Milan, will focus on multi-asset strategies for private and institutional clients and will run its strategy and operations independently.
Giordano Lombardo, CEO of ThreeSixty Investments, said: "We believe that the future of active asset management lies in a new, integrated approach, beyond the distinction between traditional and alternative assets. Our aim is to align completely to the goals of investors, integrating all sources of return in a common total return framework."
A Reuters report outlined that the Italian superpower has been on the lookout for growth opportunities across Asia, Europe and the USA. It is said to have set aside around four billion euros for acquisitions and growth - it is thought to be targeting asset managers and various other high margin businesses as it looks to boost its earnings.
The company is also said to be on track to achieve the targets it originally outlined for 2021.
This is the latest in a series of deals struck by Generali since it first revealed its asset management ambitions last year. Generali has signed agreements with or taken stakes in French firm Sycomore, KD Funds and Adriatic Slovenica.
It has also acquired Nextam Partners, signed a partnership deal with DWS and aided Aperture Investors in launching. The latter is a specialist investment firm led by former AllianceBernstein CEO Peter Kraus and charges fees based on performance.