Anima Asset Management, Italy’s largest independent investment manager, is closing its Dublin office after 23 years here, according to a source close to the company.
It is believed that Anima’s Italian leadership, which had employed up to 30 investment professionals in Dublin, will relocate to Milan.
The number of staff at the George’s Quay office is believed to have halved in recent years, mainly due to a fall in assets under management.
A Milan-based spokeswoman for Anima said “the company prefers not to comment” on the closure of its Irish business.
The parent company, with assets of 204 billion euros and more than a million customers, was recently the subject of merger talks with Poste in Italy.
It has been reported that the proposed merger aims to ward off potential foreign interests such as France’s Amundi Asset Management.
A Reuters report on October 5 indicated that the Italian government is trying to increase its involvement in Anima by using “Golden Powers” legislation. This is to block an offer from Amundi, which recently took a minority stake in the Italian wealth manager.
The Irish branch was responsible for around €1bn of assets under management through alternative investment funds and UCITS funds.
A senior fund management executive in Dublin told that Irish Independent that Anima Asset Management was struggling to scale for its business and had lost ground to competitors.
“They really haven’t been to the races here lately and I suspect that’s because management is more focused on their larger domestic operations in Italy,” he said.
Dublin is home to Italy’s largest fund managers, including Fineco, Mediolanum and Fideuram, who have been attracted by the city’s relatively low operating costs compared to other European financial centres.
Assets held in Ireland-based funds have nearly doubled to more than €4 trillion in the five years to the end of 2021 as Ireland cemented its position as the world’s third largest fund center behind the United States and Luxembourg.
This was during a period of strong asset price growth, fueled by central banks flooding financial markets with liquidity during the Covid-19 pandemic.
https://www.independent.ie/business/anima-asset-management-closing-its-irish-operation-and-expected-to-relocate-to-milan-42052847.html Anima Asset Management is closing its Irish operations and is expected to relocate to Milan