MILAN, June 17 (Class Editori) -- Intesa Sanpaolo continues to focus on China, on the sector in which Carlo Messina, CEO of the group, has decided to strengthen its business in China, namely the asset management. Eurizon, the asset management company of the group, which manages assets worth 400 billion and is led by Saverio Perissinotto, will boost the operative structure based in Hong Kong thanks to a high-professional group with an in-depth experience in the asset management sector on Asian markets.
The current operational activities of Eurizon in China are focused on the management of Penghua Fund Management, in which Eurizon holds a shareholding of 49%, and manages assets that are worth about €80 billion, and on the wealth management company Yi Tsai (Italian Talent), totally controlled by the International Subsidiary Banks division of Intesa, based in Quingdao and led by the CEO Antonello Piancastelli.
"The strengthening of the company in Hong Kong will allow Eurizon to accelerate the business expansion in the Asian and Chinese market, where the increase rates in the wealth management sector are significant. Moreover, the initiative aims at making Eurizon in Hong Kong the top center for the investments in the emerging markets of the Asian area, as well as enhancing the current expertise on the Chinese stocks," as Perissinotto has stated.
The strengthening of the management and commercial center of Hong Kong will support, both in terms of commercial proposal and management skills, the other realities of the group which are active in China, therefore also traditional banking activities, carried out in the branches of Beijing, Shanghai and Guangzhou.
Historically, Intesa group is the Italian bank which has been most active in the Chinese market, since the activities carried out by the Italian Commercial Bank.
The new team of Eurizon Capital in Hong Kong will be guided by the new CEO Sean Debow, a Canadian citizen, who can boast a 25-year experience in the Asian markets. Debow has held significant positions at important international intermediaries, such as Merrill Lynch Asset Management (now Blackrock) in Hong Kong and UBS Asia Pacific; then he has developed his own business project for the management of the assets invested in the emerging Asian stock market.
"The consolidate knowledge and experience of the new working teamregarding the Asian market will represent a strong support in order to accelerate the Eurizon growth in Asia, by integrating in the best way possible with our managers who have been working in Hong Kong for years and, additionally, will allow us to expand and change the range of products for the benefit of all our clients," as Perissinotto has stated by introducing the entry of Debow.
"My colleagues and I are proud of being part of a prestigious reality in the international asset management sector such as Eurizon and of a solid group such as Intesa Sanpaolo. Together with the entire team of Hong Kong, we want to create value for investors, contribute to the business development and promote Eurizon brand in the Asian area," as Debow has explained.
The Yi Tsai company represents the core of the strategy for the supply of financial products addressed to high-profile customers of the People's Republic of China, those products that the new team of Eurizon Capital has to develop.
This year, Yi Tsai has started a financial advisor network with the aim of reaching, in short time, the amount of hundred consultants and managing assets which are worth almost €50 billion. China is characterized by a strong inclination to saving, the economy is constantly expanding and there are great potentials for the presence of many high-profile customers, whereas there is still a lack of financial institutions specialised in supporting private investments.
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