State Street Bank International is to become custodian and fund administrator for Italy’s Fideuram Intesa Sanpaolo Private Banking following an agreement announced on Tuesday.
The deal will see State Street oversee the administration of the private bank’s approximate €42 billion in assets under management, a role presently carried out by subsidiary Fideuram Bank Luxembourg.
Fideuram Intesa Sanpaolo Private Banking Group will continue to manage its own assets.
Jörg Ambrosius, chief executive of Europe, Middle East and Africa at State Street, said: “Today marks another important milestone for our long-standing relationship with Intesa Sanpaolo as we continue to serve as their strategic enterprise partner so they can focus on their core business.”
The completion of the agreement is expected by the end of June 2021.
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