Italy’s Generali Investments Europe, the main asset management company of Generali Group – the latter being parent to private bank BSI – has appointed Santo Borsellino as its new chief executive.

Borsellino takes over from Philippe Setbon, who leaves the group to “take on an important role in another company”, Generali said in a statement. It did not elaborate on Setbon’s future role.

Generali Investments Europe is one of the largest firms of its type in Europe with more than €320 billion ($425.5 billion) of assets under management as of 24 June this year, the firm said.

Borsellino has worked for investment banks and asset managers in London and Milan. He joined Generali in 2008 as head of equities for Generali Investments.