ITALY – Fortis Investments has appointed a new head of sales for the Italian and Mediterranean market.
Andrea Favaloro has been appointed as head of sales. Previously he worked in institutional and retail sales at Credit Suisse Asset Management in Milan. A spokesman there said he had yet to be replaced. He also worked at Mediobanca, Caboto Holdings and Citibank Milan.
Thomas Rostron, managing director of Fortis Distribution Partners said: “Favaloro will drive the growth of our distribution network in this important and challenging market.
“He will not only be responsible for selling Fortis Investments’ products – funds, mandates and alternative investments – in Italy, but will also seek opportunities in the Mediterranean base, for example in Malta and Greece, as well as Italian-speaking Switzerland.”
Fortis said that the Italian market is seen as offering a high potential for asset management products.
The Milan office opened in January 2003 and has 15 distribution agreements in Italy and some 118 million euros of assets sourced from local banks.