Generali, the farewell of Tim Ryan “because he was frustrated by the fact that the projects he was studying on savings were opposed”
While the board from the General starts the procedure for the presentation of the list for the renewal of the board by the outgoing board in line with the dictates of the Consob and replaces the executive director of Mediobanca Clemente Rebecchini in the Appointments and Remuneration Committee, only for matters relating to appointments with the independent Roberto Perotti (Assogestioni list), i details on the counter-plan of the pats Francesco Gaetano Caltagirone, Leonardo Del Vecchio and the Crt Foundation. Details circulated after Friday, according to reports ad Affaritaliani.it, the CEO of the insurance company Philippe Donnet has illustrated in the Board of Directors its strategies which will be communicated to the market on December 15th.
The Sole 24 Ore revealed that at the center of the plan of the two main single shareholders of Generali, there are the managed savings and the consequents commission income. Focus which, in addition to strengthening Banca Generali, a asset which according to the pacts the Lion has never valued due to the “competitive” proximity of Mediobanca (the company’s first shareholder with 12.97%), aims to recovering the ground lost in these years of great demand for professional managed savings after Generali broke up escape the Pioneer opportunity at the end of 2016 or has collected broken promises, as the boutique French for sustainable investments Sycomore.
According to Affaritaliani.it was able to reconstruct with various sources close to dossier, however, among the pacts, the vice president of the company eul savings Francesco Caltagirone it’s always been very critical in the investment committee towards the projects of multiboutique presented by the previous head ofasset management Tim Ryan, top-manager US who gave the resignation in early 2021. The sources reveal that “Ryan left because he was frustrated that the projects he was studying were being opposed“.
In particular, it is explained that “Caltagirone strongly criticized the operation Sycomore and always has criticized the fact that the Lion managed the money of the policyholders at boutique owned by the company, preferring that Generali gave its money to third parties under management, like the big managers BlackRock or Goldman Sachs“.
Pioneer itself, according to what Affaritaliani.it could rebuild, it was a finished project on the table of General that together with Poste he was studying the acquisition from UniCredit (the dossier was followed by Donnet and Claudio Costamagna, business banker then president of the Cdp). The reason? To prevent almost 230 billion masses from going abroad since they had also set their sights on the delicious financial morsel that managed the Italian savings the French of Amundi which then signed the deal.
Apparently, at the beginning Philippe Donnet I had showed interest for the subsidiary of Piazza Gae Aulenti which Jean Pierre Mustier had put it up for sale, but then changed his mind, since he did not agree to take Pioneer together with Poste for do not retreat part of the business to competition in insurance management. Opinion that, the sources reveal, was certainly not frowned upon by the Capitoline entrepreneur, who “when the project was scrapped, he let out a sigh of relief and, together with other councilors, he voted against “.
Asked by Business, the Caltagirone group specifies that as regards Sycomore it was a very small operation that did not give results up to par and that onasset management, in addition to strengthening of Banca Generali, has always pushed because the Lion acquired, eg, Soul, proceeding with the large building player to manage savings. Certainly not, it is emphasized, advancing with the reductive logic of multiboutique, a strategy that ultimately ended up administering small numbers. Without making a difference. And Pioneer? According to the pact it was Mediobanca, at the time advisor of Amundi, to slow down the passage of the company to Lion. Although apparently to vote against
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