Print this article
Italian Private Bank CEO Looks For Double-Digit AuM Rise
Nick Parmee
9 March 2011
Banca Esperia chief executive Andrea Cingoli has told the Wall Street Journal he aims to increase the private bank's assets under management by over €1.5 billion ($2.1 billion) in 2011, after reporting a 14 per cent rise in 2010 to €12.7 billion. The bank is also planning to continue strengthening its operations by hiring private bankers. "We are making targeted investments in northern Italy," Cingoli said. Cingoli is looking for the bank to manage €20 billion in assets by 2013, but is wary of AuM growth in excess of this amount. "After that threshold private banking becomes a cash cow," he was quoted as having said. Banca Esperia is a Milan-based private bank jointly owned by Italian bank Mediobanca and asset manager Mediolanum.