One year on from the re-branding and 10 from the creation of the management team on which the group’s good performance is based, BANOR SIM is presenting its results.
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Banor, Italy picking up pace
by Francesca Vercesi
One year on from the re-branding and 10 from the creation of the management team on which the group’s good performance is based, BANOR SIM is presenting its results. In the first quarter of 2015 its assets under discretionary management rose from 1.26 to 1.37 billion – taking the firm’s total funds under management to around 4 billion and marking a more than threefold rise over the last 10 years (+34%). The group’s clients are Italian business families, family office, and institutions such as pension funds and pension insurance schemes.
To the Italian funds should be added over 700 million in assets managed by the subsidiary Banor Capital Ltd, an FCA-authorised British company. Banor Capital manages international clients including the Luxembourg SICAV, Banor. “We were founded 15 years ago but this team has been working together and bringing in excellent results for 10 years, as the performance of our management lines shows”, explains Massimiliano Cagliero, Chief Executive Officer of the SIM. Cagliero confirms his growth plans for 2015-16: expansion in the north-east of Italy and consolidation in the centre-north, thanks not least to a recruitment campaign for select private bankers and on-going customer acquisition.
“We’re building up our local presence in Italy and abroad”, notes the CEO. In the meantime, the group has a positive view of Piazza Affari [the Milan stock exchange], “especially in relative terms with respect to other European and global markets”, as Luca Riboldi points out. Riboldi is partner, investment manager and head of the management team, which includes Angelo Meda, who is responsible for shares; Tomaso Mariotti, bonds; and Roberto Bianchi, fund selection and the international line.
“In 2014 investors rediscovered European equity markets, and most notably the Italian stock exchange. We believe that the conditions are right – after years of disappointments – for the Italian share index to perform better than the principal equity markets in developed economies such as Germany, the USA or France. Since the early months of 2015 we have seen a constant over-performance of the European index with respect to the American one, above all in local currency. All of the European equity markets are performing comfortably well, with the Italian index among the best in Europe since the start of the year. These positive signals for Italy are benefiting from the effect of the weak euro and the low oil price, but can only be consolidated in structural rather than cyclical growth if the country’s reform process continues”, explained Riboldi.
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