IRELAND/ITALY – Sanpaolo IMI’s Banca Fideuram has established an operation in Dublin to manage a range of funds that are currently domiciled in Luxembourg.
The company, Fideuram Asset Management Ireland, will manage the following funds: Fonditalia, Fideuram, Interfund umbrella funds, the international securities fund and the Fideuram multi-manager fund.
Bruno Alfieri, formerly co-manager of Fideuram Gestions in Luxembourg, will head up the ten-strong organisation in Dublin, which will have 25.8 billion euros in assets under management.
Stefania Pensabene, spokeswoman for Banca Fideuram SpA explains the growing popularity of Dublin as a front office location for Italian asset managers: “In Ireland, the environment for asset managers is state of the art in Europe, both from an operational and regulatory point of view.”
The Irish Investment and Development agency attributes Ireland’s success in attracting foreign companies to five factors: availability of high quality property; competitive operating and employment costs; a young, educated and motivated workforce; consistently good economic growth; and a corporation tax of only 10% (12.5% as of January 2003).
Banca Fideuram, through its subsidiaries, provides mutual funds, life insurance policies, pension funds, certificates of deposit, and private banking services throughout Europe.