MILAN. Unicredit, which exited the production of asset management products with the sale of Pioneer six years ago, is repositioning itself in the sector and – as happened in the policies with Allianz – it does so through a partnership with Azimut. The two companies have signed a letter of intent to define the distribution in Italy of new products dedicated to savings. The partnership allows Unicredit to extend its offer, with the strategic objective, a note points out, of “giving greater value and dimension to its asset management business“. CEO Andrea Orcel calls it “an important step in our strategy to build and expand our partner ecosystem to better serve our customers’ needs. Not only will it allow us to expand and improve the offer to customers, but it also demonstrates our commitment to strengthening the asset management industry in Italy».
As for Azimut, whose customer base is 50% foreign, it will once again focus on Italy. “But it is a price that can be paid serenely to build an asset manager in Italy that will allow us to get back, as a country, an important and international champion”, declares the president and founder of the investment group, Pietro Giuliani. In any case, «the goal – Orcel points out – is not to acquire extra masses outside of Unicredit’s objective, but to offer our customers the best product: the real value for us is to rebuild our ability to select, design, package of products as targeted as possible for our customers». In parallel “we will be able to build a best-in-class factory in the right jurisdiction with the right people” and over time “it allows us to re-internalize a specific capacity that we want to have”.
In fact, Azimut will set up and manage a management company in Ireland which, as explained in the press release, “will develop investment products to be distributed in Italy through the Unicredit network on a non-exclusive basis”. He will do it in Ireland, a country where many international asset management companies are based, on the one hand, explains Giuliani, because “as Italians we don’t have a great reputation as managers in the world“, on the other due to the “regulation and taxation that make things easier ». The new funds will make their debut, it is expected, in the second half of 2023, to be felt in the income statement of Piazza Gae Aulenti, Orcel predicts, from 2024. The new Irish company will be entirely under the control of Azimut but Unicredit will be able to exercise a call option “in five years or sooner, depending on specific circumstances, as usual in this type of transaction”. What circumstances? “If someone takes over, Unicredit won’t be forced to leave customers in a partnership with someone they don’t want,” Giuliani clarifies. With this agreement, within five years Unicredit will find a product factory that will add to the Onemarkets Fund platform, which today distributes funds from Amundi, JpMorgan, Fidelity, Blackrock and Pimco.
After the sale of Pioneer «the starting point – reasons Orcel – was to convert us into a mere distributor. There is no brain or added value between who produces and who distributes: now we are adding this brain. It will allow us to be able to contribute to a product design to create added value». Unicredit will have the opportunity to re-internalise the product factory in five years, precisely in conjunction with the expiry of the agreements with Amundi. What will happen? »When we have a contract, we respect it – the banker cuts short -. When it ends, either there will be other partnerships or other partners».