Private banking and asset management are increasingly important for our Group, and with the 2016-19 strategic plan these businesses, combined together in our new Wealth Management division, are becoming a vital pillar of our future growth.
CheBanca!, founded in 2008 as a multi-channel bank, in the course of the next three years will complete its definitive transformation to become a wealth manager dedicated to the affluent serving the affluent client bracket and the institution of Mediobanca Private Banking for private clients, at the same time leveraging on the acquisition of Barclays’ Italian operations. The new division will also focuse on private customers and HNWIs, leveraging on Banca Esperia, the private banking activities of Compagnie Monégasque de Banque and Spafid’s multi-family office business. A product factory will also be set up, MB Asset Management, which will comprise Cairn Capital, Duemme SGR and Compagnie Monégasque de Gestion.
Asset management and private banking are highly specialized businesses that complement and enable synergies with the Group’s investment banking operations. They also give us a stable source of income with low capital absorption and high profit margins, which is increasingly important in the light of the new Basel III regulatory scenario, which lays down strict capital requirements.
We currently manage €38bn of assets (considering the acquisitions accomplisched and/or announced after 30 June 2016) through various brands, and hence also distribution networks and products. In particular, €23bn in assets derives from the private banking clients of Compagnie Monégasque de Banque, Spafid and Banca Esperia, €7bn from customers of CheBanca!, and €8bn refer to institutional mandates held by Cairn Capital.
AFFLUENT & PREMIERE
Through CheBanca! we will invest heavily in distribution and innovation
PRIVATE & HNWIs
Strengthening in reference markets by leveraging on
the Mediobanca brand
in Italy and the presence of Compagnie Monégasque de Banque in Monaco
MEDIOBANCA ASSET MANAGEMENT FACTORY
Develop existing product factories and invest in new skills
COMPOSITION OF MEDIOBANCA’S MANAGED ASSETS
Figures in €bn as at 30 June 2016
The new Wealth Management division will develop our ambitions in offering asset management products and services to all the Group’s clients. The area will benefit from attractive growth opportunities deriving from integration of the three companies we have recently acquired (Cairn Capital, Barclays and Banca Esperia), favourable market trends and considering possible targeted acquisitions.
Che Banca!: from multi-channel bank to wealth manager
CheBanca! (established in 2008) is our Group’s multichannel bank, operating online, through call centres and in branches. As Italy’s first native digital bank, our aim was to diversify our income streams and engage the retail banking market of the future, i.e. digital users seeking innovative services. We immediately focused on high value-added services. In the early months of 2016, we were the first in Italy to introduce “robo-advisors”, which provide retail clients with personalised advice based on model portfolios.
Our transparent, efficient, low-cost and client-focused approach has proven to be a successful strategy, earning us an affluent and loyal client base. We believe this division will play an even more central role in our business in future. The high positioning of CheBanca! has been further strengthened through the acquisition of Barclays’ Italian retail banking business in December2015, adding 89 branches, 70 agents, 220,000 clients, €3bn in direct funding and €3,1bn in indirect funding. The 2016-19 strategic plan envisages the definitive transformation of CheBanca! to wealth manager dedicated to clients in the affluent and premier brackets.
Compagnie Monégasque de Banque (CMB): Monaco’s leading bank
Compagnie Monégasque de Banque (CMB), a wholly owned subsidiary of Mediobanca, is market leader in the Principality of Monaco, with total managed assets of around 8.3 billion euro (June 2015).
CMB’s location, in-depth market knowledge and complete independence make it a real powerhouse in the sector, able to provide clients with exclusive services ranging from loans to asset management.
joins the Mediobanca Group
bn of TFA
market share in Monaco
Banca Esperia: Private banking in Italy
Banca Esperia was set up in July 2000 as a joint venture between Mediobanca and Banca Mediolanum, with the objective of becoming the private bank of choice for high net worth customer, providing portfolio management, advisory and lending services. In November 2016 an agreement was reached with Mediolanum for Mediobanca to acquire full control of Banca Esperia, allowing us to reorganize our private banking service offering in Italy under the newly-created Mediobanca Private Banking brand.
The bank’s hallmarks are its Independence, autonomy, focus on private banking, excellence and quality of service. It currently has around 16.7 billion euro in assets under management, 70% from private investors and the rest from institutions.
year of foud
bn of TFA
branches in Italy
CAIRN CAPITAL: THE FIRST STEP IN THE CREATION OF MEDIOBANCA ALTERNATIVE ASSET MANAGEMENT (MAAM)
Acquiring control of Cairn Capital in 2015 marked the first step in the creation of an asset management platform designed to generate significant returns on capital.
Founded in 2004 and based in London, Cairn Capital will play a key role in the lending activities of the Mediobanca Alternative Asset Management (MAAM) platform. Its expertise across the entire credit spectrum enables us to offer our clients valuable advisory and investment products. The company has 8.1 billion euro of assets under management (AUM) and under long-term advisory mandates (assets under administration – AUA).
joins the Mediobanca Group
bn total AUM and AUA
Figures as at december 2015
Banca Esperia www.gruppoesperia.it
Cairn Capital www.cairncapital.com