MILAN, Aug 10 (Class Editori) - Despite the pandemic, the position of the Intesa Sanpaolo group in the asset management segment has strengthened itself in China. Penghua Fund Management, in which Eurizon owns a shareholding of 49%, the leader of the banking group in the management of investment funds, has recorded a collection of more than €10 billion in China since the beginning of the year, by reaching a growth in the assets by more than 16%, which overcomes €95 billion and brings the total assets managed by Eurizon up to 423 billion.
With a Chinese market share of about 3%, Penghua ranks among the first ten local operators, according to Galaxy security. The success in China has been recognized by the research “The top 25 foreign firms in China”, which underlines the fact that Eurizon ranks 15th at a global level and is the sole Italian company to be among the first 25 foreign asset managers, as disclosed by Z-Ben Advisors last April.
In June, also the structure of the subsidiary in Hong Kong has been strengthened, with the arrival of a high-professional team with a multi-year experience. The strengthening of Eurizon Capital (HK) Limited is aimed at further accelerating the business expansion in Asia and developing the local body as an excellence center for the investments in emerging Asian market, as well as enhancing the expertise on the Chinese stocks.
The strengthening of the management and trade center of Hong Kong will support, both in terms of trade proposal and management skills, the other subsidiaries of the group which are active in China and, therefore, also traditional banking activities gathered in the branches of Beijing, Shanghai and Canton.
Intesa group is the Italian bank with the best-established historical presence in the Chinese market, which dates back to the activities of the Italian Commercial Bank.
The new Eurizon Capital team in Hong Kong will be guided by the new CEO Sean Debow, with Canadian nationality, who can boast a 25-year experience on the Asian markets. Debow has assumed important roles at significant international intermediaries, at Merrill Lynch Asset Management (now Blackrock) in Hong Kong and UBS Asia Pacific. He has then developed his own business project dedicated to the management of the assets invested in the emerging Asian equity market.
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