The era of Tommaso Corcos ends with record accounts and with a new creature, Eurizon Capital Real Asset. Eurizon, the asset management company of the Intesa Sanpaolo group, led by Corcos since 2013, ended 2019 greatly improving the record of assets under management, which today reaches 335,5 billion euros, with a leap of 11% compared to 2018. The same progress, in percentage terms, also for the consolidated net profit, at 518,5 million. Even more evident is the growth of some indicators compared to 2013: assets under management increased from 204 to 418 billion, more than doubled thanks to an annual increase of 13; revenues jumped from 386 to 840 million, and the same profit seven years ago reached 204 million. Not to mention the cost/income ratio, cut from 28 to 18% (in 2018 it was still 21%).
Also on the collection front, the numbers confirm the recovery starting from the second quarter: the Eurizon figure speaks of a total of 6,6 billion, which means first place in the Italian asset management industry, thanks above all to open funds (4,6 billion). “We are very satisfied with the results achieved in 2019 – commented Corcos, in his last annual report with Eurizon before taking over the reins of the Private Banking division of the Intesa Sanpaolo group -. Over the twelve months, we have completed important projects on various fronts, including new companies within the perimeter of Eurizon that have strengthened the structure and expanded the business". Among these new realities, the company Eurizon Capital Real Asset, specialized in alternative investments destined for the real economy, was also presented at the press conference in Milan.
“At a time when rates are still very low – commented Silvana Chilelli, managing director of the new company -, investors are looking for returns. We have decided to bring together, to create a synergy between the Insurance division, in particular Intesa Sanpaolo Vita, and asset management. The latter holds 51% of Real Assets, the former 49%”. The new structure started with 3,4 billion assets under management, broken down as follows: 40% is intended for companies, 35% for infrastructure and the remaining 25% for real estate: "These are our 3 reference underlyings: we go looking for funds for our customers, we will not make funds direct. At most we will make co-investment funds. And we would like to say that according to our estimates 20% of investments will return to Italy, either because they are destined for Italian funds or because they are for foreign funds operating in Italy”.
The team led by Silvana Chilelli is currently made up of 15 people, with specific skills in private equity and private debt, which are the two formulas with which Eurizon Capital Real Asset will operate. “Alternative assets – commented Corcos – they are continuing to grow at attractive rates and we expect them to take on an increasingly important share in global savings. Italy today has an under-penetration of this type of investment in the institutional, family office and private banking segments. For us it is also interesting from the point of view of diversifying traditional portfolios”.
