SEI Investments is to join Bipiemme Gestioni asset management, a division of Banca Popolare di Milano Group, to create a manager-of-managers programme for its bank branches and other distribution channels.
As part of the venture, Bipiemme will create a new, Italian-registered, multi-series investment fund to be launched in July. The fund will use equity and fixed income models combined into four risk profiles and will invest in SEI’s sub-funds.
The MSCI All Country Index will serve as the equity model’s benchmark and the JP Morgan Plus Index will serve as the fixed income model’s benchmark. SEI will manage the sub-funds according to its signature manager-of-managers process.
Bipiemme will handle the overall asset allocation for the Italian-registered multi-series investment fund. SEI will be responsible for the management of the sub-funds in which the Bipiemme fund invests.
Commenting on the announcement Joe Ujobai, managing director of European business development at Bipiemme Gestioni said: “We have formed this partnership as part of our aim to offer a global research and technology-driven service to European clients. We believe that the Italian market is a fertile ground for SEI’s outsourcing solution in the form of manager-of-managers.”
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