Eurizon, a company of the Intesa Sanpaolo group specialized in the management of products and services for retail and institutional customers, closed 2017 with strong growth. The value of assets at the end of 2017 amounted to 313,6 billion euro, an increase of 8,2% compared to the end of 2016. Consolidated net income is equal to 1,23 billion (+39%), of which 714,4 million deriving from the sale of the investment in Allfunds Bank to funds belonging to Hellman & Friedman and GIC.
The commission margin reached 718,3 million, up 26,7% on the previous year. At the end of 2017 Eurizon's total equity stands at 388,7 billion euro, including the 75 billion euros of Penghua, a company based in China with a 49% stake.
The big news of 2017 was that of the Pir, Individual Savings Plans: Eurizon products were the first to be marketed in Italy, through the networks of the Intesa Sanpaolo group. The first retail portfolios launched on the market at the end of February were joined in the following months by new PIR compliant solutions, both retail and institutional, so as to define an offer covering the various risk profiles in just a few months. The total collection for the Pir in the year reaches 1,92 billion euro, consisting of around 1,7 billion in retail funds and the remainder in solutions for institutional customers.
Tommaso Corcos, Chief Executive Officer of Eurizon: “We are fully satisfied with the results achieved thanks to the increasingly close and fruitful collaboration with our distributors and other Italian and foreign partners. The strong interaction with the distributors' networks which is at the basis of the company's development has at the same time given us an advantage in the face of the regulatory innovations introduced by MIFID II. In 2018 we aim to strengthen our role in the reference context and our recognition even beyond national borders, strengthened by the mandate entrusted to us by the new Intesa Sanpaolo Business Plan for the next four years".
