ITALY - Fortis Investments has appointed Andrea Favaloro as its new head of sales for Italy, based in Milan.
Favaloro, who starts at the firm today, joins from Credit Suisse Asset Management Milan where he was head of institutional sales since 2000.
Prior to Credit Suisse AM, he also has stints Mediobanca Banca di Credito Finanziario, Caboto Holding and Citibank Milan.
The appointment is part of an effort by Fortis to drive into the Italian market, Europe’s third largest investment fund market after France and Germany.
Fortis Investments opened its Italian office in January and currently has 15 distribution agreements and some e118m of assets sourced from local banks.
Thomas Rostron, managing director, distribution partners said: “Favaloro will drive the growth of our distribution network in this important and challenging market. He will not only be responsible for selling Fortis Investments’ products - funds, mandates and alternative investments - in Italy but will also seek opportunities in the Mediterranean base, for example in Malta and Greece, as well as Italian-speaking Switzerland.”
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.