Italian independent investment bank Equita and Euromobiliare Asset Management have teamed up to launch an equity fund managed by the Italian investment bank.
Euromobiliare Equity Selected Dividend follows a flexible investment strategy and focuses on investing in Italian and European listed companies which pay high dividends
The subscription period of the fund ended on the 28th of June with a final close of €229m, fully placed by the Credem Group's (of which Euromobiliare is a subsidiary) network to its clients.
The Fund, now closed and with no additional subscription expected, has a tenure of seven years and the objective to increase the capital invested within the first six years.
Andrea Vismara, chief executive officer of Equita, said: "This initiative is another important step for Equita and Credem Group to reinforce their existing business relationship by combining experience and multidisciplinary competences to best serve clients. With this new fund Equita further increases its assets under management, exceeding one billion euro."
Matteo Ghilotti, Co-Head of Alternative Asset Management and Head of Portfolio Management at Equita, commented: "The Euromobiliare Equity Selected Dividend fund will benefit from the portfolio management skills of the Equita team and the deep knowledge of Italian and European issuers. The Fund's key objective is to build a portfolio that pays a yearly, although not-guaranteed, variable cash-flow of up to 3 per cent of the initial investment."