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Report: FinecoBank to launch new asset management firm in Ireland

FinecoBank Banca Fineco SpA's Irish unit, Fineco AM Ltd., is seeking to launch as a new fund management company in Dublin, sources told The Irish Times.

Set up in late 2017, Fineco AM is awaiting authorization from the Irish central bank, while also searching for additional portfolio managers and analysts, according to the report. The subsidiary named Paolo Maggioni chief investment officer in February, according to Maggioni's LinkedIn profile.

Fineco AM intends to operate as a fund-of-funds manager, investing in other types of funds, the report noted.

FinecoBank is roughly 35%-owned by UniCredit SpA, which maintained control of the business after selling about 20% of it to institutional investors in October 2016.