Mediolanum Banking Group has allocated assets to three fund managers through sub-advisory agreements that will gain the three firms increased distribution in Italy, Spain and Germany.
The allocations – part of a Mediolanum strategy to invest in boutiques – are through Ireland-based Mediolanum International Funds and are to Pzena Investment Management, Mondrian Investment Partners and Atlas Infrastructure.
Pzena and Mondrian gain €220 million each for a global value strategy and a global equity strategy (also value-orientated), respectively.
Mediolanum, which manages €50 billion in its Irish business, is also placing €70 million in seed capital with the Atlas Global Infrastructure Fund, which the firm said has a strong focus on climate mitigation.
Furio Pietribiasi, chief executive of Mediolanum International Funds, said the three firms were “highly specialised players with exceptional track records”.
He added: “Boutique managers have outperformed both non-boutique peers and comparative indices for the best part of 20 years, and we believe partnering with these firms will further bolster our ability to provide our clients with better and better solutions, sometimes available for the first time ever for retails clients.”
Mediolanum International Funds is allocating at least a third of its externally managed equity and bond assets with boutiques to boost diversification
“This is the way we provide something unique while avoiding commoditisation, where more and more solutions in the market are focused on flagship strategies of big brands,” added Pietribiasi.
Earlier this year the firm announced others partnerships, including with US boutique managers Sustainable Growth Advisers and NZS Capital, and European-based Cadence Investment Partners, Intermede Investment Partners and RWC Partners.
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