As life has returned to the Italian equity market, so too has the initial public offering (IPO). The first company to list in Milan this year was Anima Holding, Italy’s largest independent asset manager, in a deal which allowed UniCredit to parade the strengths of its unusual distribution model.
UniCredit has outsourced its cash equity sales, distribution and research since it formed a strategic alliance with broker Kepler Capital Markets at the end of 2011. Last year Kepler acquired Cheuvreux from Crédit Agricole to create Kepler Cheuvreux. The brokerage works exclusively for UniCredit, which retains a 5% stake, in Italy, Germany, Austria and central and eastern Europe. Crédit Agricole, which retains 15% of the enlarged business, has a similar arrangement covering France and Spain.
