Alliance Capital Management has teamed up with Eptaconsors Group, a consortium of six Italian banks, to manage and distribute mutual funds in Italy.
Under the agreement, the New York-based mutual fund company will offer its family of offshore mutual funds to retail and institutional clients.
The funds will be distributed through the group's mutual fund and pension fund subsidiary, Eptafund, and through its shareholding banks. They are the Casse di Risparmio of Florence, Bologna, Genoa, and Padua; Banco di Sardegna; and Banco di Sicilia. The banks have a combined 1,500 branches.
Alliance and Eptafund will also develop new investment products for sale to retail and institutional clients in Italy. Finally, Alliance will manage all of Eptafund's non-Italian assets. Eptafund manages 18 funds with more than $4 billion of assets.