Banor SIM has its sights set on institutional and American clients.
Francesca Vercesi | 06 November 2015
Banor SIM S.p.A. is an independent Italian boutique firm specialising in advisory and asset management for high worth investors. The firm was established after the acquisition of an initial 20% holding of Proxima Investments SICAV by Banknord. In the future, Banor aims to attain group status and to attract a growing institutional and foreign clientele, especially American. It has positioned itself as an effective support for US investors who do not have the strength, on their own, to enter Italy unless by acquiring a stake in a fund. An operation that catches the momentum of the keen interest in Italy we are currently seeing in the United States.
Banor SIM, in other words, intends to grow through the London-based firm that manages its SICAV in Luxembourg, with consolidation the goal. To date, Banor has acquired a 20% stake, as mentioned above, in Banor Capital Ltd (formerly Proxima Investment Management Ltd), which is authorised by the Financial Conduct Authority. Banor SIM shareholders with a holding in Banor Capital include Chief Executive Officer Massimiliano Cagliero and Chief Investment Officer Luca Riboldi.
“In future, we wouldn’t rule out taking forward the acquisition process to the point of consolidating Banor Capital Ltd, an investment firm that manages complementary products to our own asset management activity, and which shares our approach based on value and absolute returns”. Cagliero also points out that one year ago Banor obtained Global International Performance Standards (GIPS) certification for its performance and investment process: one of the requirements for US clients looking to invest outside the United States.
The engine is running and, with all probability, in the second half of 2014 American investors will get the green light. But Italy’s institutional market is also of interest to Banor. So far it represents just 25% of funds managed, with private clients making up the other 75%. Of 3 billion in assets under management, 1.7 billion are directly managed with the rest divided among administered, family office and MiFID advisory.
Original article in Italian language, available here: Fundspeople.it, November 6, 2015.
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