Around €13bn of assets from the Italian-owned fund manager Fineco Asset Management will be managed by Amundi's portfolio management system following the agreement reached between the two asset management firms.
Fineco and Amundi have therefore announced the implementation of Amundi Leading Technologies & Operations (ALTO), Amundi's portfolio management system which will now manage all of Fineco AM's assets.
This implementation of ALTO is part of an agreement between Fineco AM and Amundi where Amundi Services will provide order execution, portfolio management technology and middle-office services to Fineco AM, both companies said in a statement.
Amundi Services offers us a solution of the highest standards, leveraging their experience in supporting €1.6trn of assets, helping us to accelerate our existing and future growth.”
Located in Ireland and since its authorisation by the national Central Bank in May 2018, Fineco AM has experienced rapid growth and currently has €13bn of assets under management.
Fineco AM has selected ALTO and has also appointed Amundi Services for trade execution and middle office support, the latter being provided by Amundi Ireland.
The implementation of ALTO provides Fineco AM with a solution to oversee assets delegated to more than 20 third party managers as well as to manage its own single strategy products. The platform enables Fineco AM to execute compliance and risk controls for all its assets including:
- the daily integration of asset servicing inventory holdings for a wide range of asset classes including the most complex OTC instruments; and
- a distinctive data governance process for the integration, enrichment and quality check of a variety of datasets.
It also covers front-to-back technology and operations for directly managed funds and flush and fill operations for delegated funds. With the dealing facility, the service covers the execution of all asset classes relying on an international operating model in Asia, Europe and the Americas.
Fabio MELISSO, CEO of Fineco AM said: "At Fineco AM we are focused on the development and management of best in class products for our clients.
"In order to achieve this we work with partners that provide state of the art tools and a high quality level of operations. Amundi Services offers us a solution of the highest standards, leveraging their experience in supporting €1.6 trillion of assets, helping us to accelerate our existing and future growth."
Joseph EL GHARIB, head of Amundi Services added: "The partnership with Fineco AM supports us in the development phase of ALTO. This confirms Amundi Services' international reach and is testament to the reliability of our onboarding process and service model."