US/ITALY -US fund manager Northern Trust Global Investments, has been appointed to handle funds on behalf of Italian banking group, Mediolanum in its second European link-up.
Mediolanum, listed on the Milan Stock Exchange, provides financial services solutions to individuals, from a range of insurance, pensions, savings and investments products. The firm has more than 680,000 individual customers, with total assets under management of EUR20bn.
The management of Mediolanum mutual funds, based in Dublin, has been contracted to Northern Trust which will run Mediolanum on a multi-manager basis. The four funds, which have been seeded with EUR125m comprise of global equities, global equities aggressive, global balanced and European bonds.
Commenting on the appointment, Mario Noera, chief of Mediolanum's asset management, said that the move was due to an “increasing demand from our clients for a broader range of investment products,” adding that the firm believed that the multi-manger investment approach “has a very substantial role to play in investment provision in Italy.
The move herald Northern's second European deal. In August, Northern Trust Global Investments (Europe) teamed up with German financial firm Helaba to form Helaba Northern Trust - a joint venture with Helaba's asset management unit. The company was created to offer institutional fund management services to the German market.
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