Banknord has acquired an equity interest in the London-based company that manages Luxembourg’s BANOR SICAV (formerly Proxima Investments SICAV). Banknord has now changed its name to BANOR SIM Spa as part of its plan to achieve group status. The announcement was made by Massimiliano Cagliero, Chief Executive Officer and principal shareholder of BANOR SIM.
BANOR SIM Spa is an Italian “boutique” financial services firm specialising in capital management and advisory services for high worth clients and has over 3 billion euros in assets under management. With offices in Milan and Turin, BANOR SIM has historically supported Italy’s leading business families.
This new operation sees the acquisition of an initial equity interest of 20% in BANOR Capital Ltd (formerly Proxima Investment Management Ltd). BANOR Capital Ltd is a London-based British investment management company (authorised by the Financial Conduct Authority – FCA) in which several BANOR SIM shareholders, including Cagliero and Chief Investment Officer Luca Riboldi, have an equity interest.
This acquisition gives BANOR SIM a direct presence in London and enables it to extend its range of action in the international capital markets, to the benefit not just of existing institutional and private sector clients but potential customers too.
BANOR is thus able to expand its service offering through a range of value absolute return funds designed for institutional investors and the retail market, in addition to its existing asset management portfolios for private customers.
“This acquisition marks a new departure for us”, explained Massimiliano Cagliero, BANORSIM’s Chief Executive Officer, “including, as it does, a change of name. But we are still engaged in the same mission that has inspired us for over 15 years. Our ambition is to evolve into a new enterprise that is even more reactive and attuned to our Italian and international customers’ needs. Our goal”, continued Cagliero, “is to offer our customers a wider range of investment opportunities on the international markets and to continue to grow so that we can increase our capacity for direct action, including in the United States and Asia”.
“We don’t rule out additional acquisitionsin the future”, concluded the CEO, “to further strengthen BANOR Capital Ltd, an investment company whose products are complementary to our own asset management activity. And a company that shares our value-based philosophy and absolute return approach”.
BANOR SIM has been operating since 1999 in portfolio management and advisory services for leading Italian business families and high net worth individuals (HNWI). CEO Cagliero and CIO Riboldi, together with their team of advisers and managers, have over 3 billion euros in assets under management (of which over 1 billion directly managed). Thanks to the company’s well-established “Value Investing” approachand the sound and steady results obtained over the years, in March 2013 BANOR also obtained Global International Performance Standards (GIPS) compliancy certification from Price Waterhouse Coopers for its investment process and performance.
BANOR CAPITAL Ltd (formerly Proxima Investment Management Ltd) is an independent company established in the United Kingdom in 2010 by a group of experienced financial sector professionals, including a number of BANOR SIM managers and Massimiliano Cagliero himself. The company provides its private and institutional clients with harmonised UCITS products. BANOR CAPITAL manages BANOR SICAV (formerly PROXIMA INVESTMENTS SICAV), a Luxembourg-based family of funds that encompasses a number of investment segments such as:
BANOR SICAV North America Long Short Equity. An Alternative Investment Fund that invests (long and short) in Canadian and USA shares with a value-based approach that aims to beat the S&P 500, with less volatility. The fund recently won the MondoAlternative Award for 2014 (for results in 2013) in the Long/Short USA category and in 2013 took first place in Morningstar Italy’s Alternative USA category.
BANOR SICAV Greater China Long Short Equity. An alternative equity fund that invests (long and short) in securities, mainly in China, Hong Kong and Taiwan, with a value-based approach that aims to beat the MSCI Golden Dragon, with less volatility. In 2013, the fund won first place in Morningstar Italy’s Alternative Emerging category.
BANOR SICAV Athena Long Short Equity. An alternative equity fund thatinvests (long and short) in securities, mainly Italian, with a fundamental approach that aims to beat the FTSE Italia All-Share index, with less volatility. In 2013 the fund came fifth in Morningstar Italy’s Alternative Europe category.
BANOR SICAV Global Value Equity. A long-only fund that invests mainly in European securities with a typically value-based investment philosophy.
BANOR SICAV Global Bond Absolute Return. A fund that actively invests in debt instruments without limits of duration or rating with the aim of generating medium- to long-term returns.
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