10/01/2013
Monte Paschi Banque sells AM operation to Trusteam Finance
Monte Paschi Banque has sold its asset management activity Monte Paschi Invest (MPI) to Trusteam Finance. The French firm, whose assets under management totalled EUR300m before the operation, will have assets of EUR500m afterwards. In practice, the OPCVM fund management activity provided by Monte Paschi Invest until 31 December 2012 ill be transferred to Trusteam Finance from 2 January 2013. Three people from the staff of 12 people at MPI have also been recruited by Trusteam Finance. “Their product range is primarily invested in fixed income produts, and is thus perfectly complementary with our product range, which is largely invested in traditional equities,” says Jean-Sebastien Beslay, founding partner of Trusteam.A partnership between the two firms has concomitantly been signed, which will allow the firm to meet the needs of clients for wealth management, institutional management or enterprise cash management. The Italian bank, which has 15 branches in France, also intends to offer a range of financial products and services as complements to the equity and diversified funds from Trusteam Finance.In the short term, MPI funds will retain their names as Meyerbeer - Meyerbeer Trésorerie and Meyerbeer Valoblig, Beslay says. After first half, however, the full range will be made uniform, the director says, and “small” equity funds from Monte Paschi Invest will be merged with Trusteam funds.
