ITALY- Fortis Bank Information Banking, the Benelux bank’s asset servicing arm, has opened a subsidiary in Milan to boost its presence in the European ‘prime fund solutions’ market.

BNP Paribas’s Massimo Talia, has been appointed managing director, it said, adding he contributed to the development of the equity finance business.

BNP Paribas said it was not in the position to say whether a successor to Talia has been selected yet.

In his new capacity, Talia will develop financing and banking services and products to domestic hedge funds and funds of funds.

Joost Loebler, global director of sales for Prime Fund Solutions, described it as “a service platform, which draws on the global strengths of Fortis”.

“Through our experience with offshore activities, including fund administration, financing trade positions, clearing transitions, safekeeping of portfolios and covering of short sales, we offer a one-stop-shop for all of a fund’s administrative and financing needs,” he said.

Fortis Bank Information Banking, announced at the beginning of the month that it has hired former ING executive Jan Bart de Boer as global director of commerce.

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