Credito Valtellinese and Banca Esperia launch a new fund of hedge funds
Milan, 29 January 2007 - The Credito Valtellinese Group* and Duemme Hedge Sgr, a speculative asset management company belonging to the Banca Esperia Group** and a leader of the sector in Italy, have reached an important partnership agreement, which was signed at the headquarters of Banca Esperia in Milan by Miro Fiordi and Luciano Camagni, General Managers of Credito Valtellinese and Credito Artigiano, and Ignazio Basile, Chief Executive Office of Duemme Hedge Sgr, a member of the Banca Esperia Group.
In addition to launching important collaboration between the two institutions, this strategic agreement has confirmed the creation of CREVAL Hedge, a multi-strategy fund of hedge funds, which will be managed by Duemme Hedge and distributed by the local banks of the Valtellinese Group (Credito Valtellinese, Credito Artigiano, Credito Sciliano, Bancaperta and Banca dell'Artigianato e dell'Industria) beginning on 1 February 2007.
The primary aim of CREVAL Hedge, a low-volatility fund of hedge funds, is to conserve capital through a performance consistent in line with the international bond market over the medium/long term under conditions of lower volatility.
Volatility will be reduced through a process of diversification based on a constant search for an optimal mix of strategies and, within each specific strategy, a diverse group of selected funds.
"CREVAL Hedge," commented Ignazio Basile, Chief Executive Officer of Duemme Hedge Sgr, "is an important product because it allows us to combine our knowledge and management skills with the distribution capacity and strong local presence of the Credito Valtellinese Group."
"With the launch of this new fund," said Miro Fiordi, General Manager of CREVAL, "we are broadening our range of innovative financial products aimed at meeting the needs of a constantly increasing number of customers who request instruments capable of conserving and protecting capital that offer an absolute return with moderate volatility."
* The Credito Valtellinese Group comprises four local banks, six companies operating in specialised finance, and four instrumental companies that provide services in support of banking operations. The consolidation area includes the Parent Bank, Credito Valtellinese, Credito Artigiano, Credito Siciliano, and the Banca dell'Artigianato e dell'Industria, for a total of more than 360 branches.
** Banca Esperia is the private bank of Mediobanca, Mediolanum & Partners, dedicated to the management of complex personal and family asset issues, offering integrated management of high-net worth clients, whether individuals or institutions, through consulting, financing and service activity. It has a total of more than € 9.5 billion in assets under management on behalf of 2,200 clients (as at 31 December, 2006) and eleven branches in Italy (Milan, Bologna, Brescia, Florence, Genoa, Modena, Naples, Padua, Parma, Rome and Turin). Banca Esperia leads the Italian fund-of-hedge fund market through its subsidiaries Duemme Hedge Sgr, specialised in creating and managing fund of hedge funds, and Duemme Capital Ltd, headquartered in London and specialised in monitoring, selecting and providing advisory services regarding the best hedge funds on the international market. Banca Esperia also fully owns Duemme Sgr, specialised in asset management services for private and institutional clients, Duemme Trust Company, specialised in trustee management, and Duemme Servizi Finanziari, offering trust and account aggregation services.
CONTACTS:
for Creval
Vittorio Pontoni
Communications and Public Relations Department
Telephone 0280.637.313
Renč Paniga
Communications and Public Relations Department
Telephone 0280.637.357
for Banca Esperia
Paolo Martini
Telephone 0288.219.368
Federica Marotti
Telephone 0288.219.387
