Eurizon, the Italian asset management business of the Intesa Sanpaolo Group, has confirmed the appointment of Saverio Perissinotto as CEO and general manager.
Perissinotto was previously general manager of the group's private banking division.
He succeeds Tommaso Corcos, who has been appointed CEO of private banking in the meantime.
Perissinotto said: "I am proud to take charge of a dynamic and innovative organisation made up of a team of very highly skilled professionals that has always been well respected in the market.
"As you enter Eurizon you perceive a strong sense of commitment to the company's values on which Tommaso Corcos has done a great deal of work. Together with an excellent team, I enthusiastically embrace this important legacy to tackle the new challenges facing the asset management industry not only in Italy, where Eurizon already plays a leading role, but also abroad, where its influence continues to grow".
The company has also confirmed the appointment of Paolo Molesini as chairman of Intesa Sanpaolo Private Banking.
During 2019, assets under management grew steadily, 11% up, reaching an all-time record of €335.5bn at the end of December. Consolidated net income for the year (including net income pertaining to minority interests) amounted to €518.5m while fee and commission income was €799m, annual increases of 11.5% and 14% respectively.
The company said in a statement that it had successfully pursued its growth strategy while also maintaining its focus on efficiency: the cost/income ratio at 18.7% at the end of 2019 fell further from 21% in 2018. On 31 December 2019, Eurizon Capital Real Asset, SGR, began operations as a joint venture with the Insurance Division of the Intesa Sanpaolo Group. The company has assets of €3.4bn received under delegated management from Intesa Sanpaolo Vita, anditis specialised in alternative private market investments.