ITALY – SEI Investments has set up a joint venture relationship with Italy’s Bipiemme Gestioni, the asset management arm of Banco Popolare di Milano (BPM) to launch a manager-of-managers programme for bank branches and other distribution channels.
As part of the venture, Bipiemme will create a new, Italian-registered, multi-series investment fund.
The new fund will use equity and fixed income strategies, with four risk profiles, to be invested in SEI sub-funds.
The MSCI All Country index will serve as the equity model’s benchmark and the JP Morgan Plus index will serve as the fixed income model’s benchmark.
The sub funds will be managed by SEI in line with its manager of manager strategy, while Bipiemme will take care of the overall asset allocation, including daily portfolio management and re-balancing.