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 also leveraging on the acquisition of Barclays’ Italian operations.
The new Private & High Net Worth Individual (HNWI) division will focus on the development of the private banking activities of Compagnie Monégasque de Banque and Mediobanca Private Banking besides Spafid’s multi-family office business. A product factory will also be set up, MB Asset Management, which will comprise Cairn Capital, Compagnie Monégasque de Banque, Mediobanca SGR and RAM Active Investments(the transaction, announced the 23 of November 2017, is expected to close in the first half of 2018).
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 €42bn of assets (considering the acquisitions accomplisched and/or announced after 30 June 2017) through various brands, and hence also distribution networks and products. In particular, €28bn in assets derives from the private banking clients of Compagnie Monégasque de Banque, Spafid and Mediobanca Private Banking, €7bn from customers of CheBanca!, and €7bn 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
AUM/AUA/AUC - Figures in €bn as at 30 June 2017
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 August 2016, adding 89 branches, 70 bankers, 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 9.8 billion euro (June 2017).
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
market share in Monaco
MEDIOBANCA Private banking (IN ITALY)
Mediobanca Private Banking is the division of Mediobanca serving High Net Worth Individuals (HNWIs). Set up following the merger of Banca Esperia of acquired in April 2017, the new division is a strategic element of the 2016-19 business plan, one of the priorities of which is the development of Wealth Management and top-end asset management services as a driver for growing highly-specialized banking activities.
Mediobanca Private Banking aims to become the Italian private and investment bank of choice for entrepreneurs, with the intention of developing synergies with the Group Corporate & Investment division, and leveraging on Mediobanca’s expertise in M&A advisory, and in debt and equity capital market services.
year of launch the brand Mediobanca Private Banking
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 6.5 billion euro of assets under management (AUM) and under long-term advisory mandates (assets under administration – AUA).
joins the Mediobanca Group
€ 6.5 bn
total AUM and AUA
Figures as at 30 June 2017