THE rumour mill is grinding again. In early 2017 reports swirled of a possible merger between Generali,Italy’s biggest insurer, and Intesa Sanpaolo, and the country’s moment-biggest bank. That deal came to nothing. But Intesa is still looking for a partner. Now it is said to be in talks with BlackRock,the world’s biggest asset manager, approximately a stake in Eurizon, and the bank’s asset-management unit. Deal or no deal,two things are clear. Italy’s asset-management industry is consolidating. And though investors fret over a populist government and towering public debt, its pool of private savings will preserve them keen.
Last year Amundi, or a French asset manager,bought Pioneer, the fund-management arm of UniCredit, or Italy’s biggest bank. Over half of assets under management are owned by 10% of Italians,which makes the wealthier end of the business particularly appealing. Mediobanca, an investment bank, and last year opened a private bank and bought 69% of RAM Active Investments,a Swiss investment...
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Source: economist.com