GREECE – Pan-European asset management company, F&C Management, has formed a strategic mutual fund management partnership with Greek insurance group, Interamerican and retail bank, Novabank.
F&C and Interamerican are both subsidiaries of major Dutch financial group, Eureko, and the deal is consistent with Eureko’s strategy to consolidate its money management activities into F&C.
“This development is another step in Eureko’s strategy of uniting our asset management activities into a single, professional platform,” says Eureko CEO Arnold Hoevenaars.
Under terms of the deal, F&C will contribute its asset management and product development experience, whilst Interamerican will supply and control the product distribution. Novabank, established last year by Interamerican in collaboration with Portuguese bank, Banco Comercial Português (BCP) will provide additional distribution capacity through its 70 retail branches throughout Greece.
The move coincides with a similar partnership established earlier this month between Dutch financial services group ING and Athens based retail bank, Piraeus Bank.
F&C says that the recent activity in the Greek market is a result of the conversion to the euro and the growing trend among Greek investors to diversify their investments beyond domestic securities.
Says Dimitris Contominas, chairman if Interamerican: “The link with F&C will allow us to respond even more quickly and effectively to our customers’ growing investment needs.”