Eurizon, the asset management company of Italy's Intesa Sanpaolo Group, has set up Eurizon Capital Real Asset SGR, a company specialising in alternative investments aimed at making an impact on the real economy.
Eurizon Capital Real Asset has been co-founded by Intesa Sanpaolo's asset management and insurance divisions in a joint venture formula, 51% owned by Eurizon Capital SGR and 49% by Intesa Sanpaolo Vita.
The alternatives boutiquewill establish and manage mandates and alternative investment funds (AIFs) for the firm's insurance division, institutional investors, family offices and retail clients of the private banking division.
The new company started operating in December 2019 with an initial capital of €3.4bn in assets, received under delegated management from Intesa Sanpaolo Vita, and a team comprised by 10 professionals specialised in alternative asset classes such as private equity, private debt, infrastructure and real estate.
The launch comes to bolster Eurizon's asset management business while reinforcing the firm's pledges to support Italy's real economy in the wake of the successful launches of PIR and ELTIF funds, said the company in a note.
"Eurizon is already involved in this kind of investments with its team of structured finance experts dedicated to the management of alternative assets and the launch of specialised ABS and leveraged loans products.
"Given the initiatives already undertaken and the strategic nature of the alternative products market, the company has decided to continue in this direction, strengthening its coverage of illiquid investments," read Eurizon note.
Tommaso Corcos, CEO of Eurizon, said: "Alternative assets are continuing to grow at attractive rates and we expect them to take an increasingly significant share of global savings.
"Today in the Italian market this type of investment is under-penetrated in the institutional, family office and private banking segments."
Silvana Chilelli, CEO of Eurizon Capital Real Asset,noted: "Thanks to an alternative asset class investment plan launched in Intesa Sanpaolo Vita back in 2015, we can rely on consolidated and structured know-how, but above all on an advisory team with specific expertise in all asset classes rooted in the real economy."