State Street International Bank has been appointed as the depositary bank and fund administrator of Fideuram Intesa Sanpaolo Private Banking.
As part of the deal, State Street will oversee Fideuram Intesa Sanpaolo Private Banking’s approximate €42 billion of assets under management, which is currently performed by its subsidiary Fideuram Bank Luxembourg.
The private banking group will continue to manage its own assets.
State Street will assist Intesa Sanpaolo to reduce operational risks, support the group’s growth plans, and enhance continuity.
The completion of the transaction is expected by the end of June 2021.
Joerg Ambrosius, CEO of Europe, Middle East and Africa at State Street, comments: “We are delighted to expand our relationship with Intesa Sanpaolo to provide Fideuram with solutions that drive value and create efficiencies for their clients.”
Earlier this year, State Street extended its relationship with the Los Angeles County Employees Retirement Association to provide additional solutions for performance and analytics, as well as alternative administration for the association’s real estate assets.
