UBI Banca Group

Disposal of UBI Pramerica SGR operations consisting of
alternative fund managements
On 15 th June 2011, UBI Pramerica signed an agreement with an independent asset
management company, Tages Capital SGR, for UBI Pramerica to contribute alternative fund
management operations to Tages. These operations consist of three hedge funds (Capitalgest
Alternative Conservative, Capitalgest Alternative Dynamic and Capitalgest Alternative Equity
Hedge) with assets under management as at 31 st December 2010, which totalled
approximately €290 million.
The contribution – which occurred on 4 th October with effect from 1 st October 2011 – also
regarded the personnel involved, the assets and liabilities and the service and outsourcing
contracts.
On completion of the operation, UBI Pramerica acquired a 10% stake in the share capital of
Tages Capital 8 . An agreement was signed for the distribution on the UBI Banca distribution
network over a number of years of all the alternative funds (hedge and UCITS) managed by
Tages.
The agreement reached will allow UBI Pramerica to focus strategically on its mutual
investment funds and customer portfolio managements, which already represent the core
business of the company today. Moreover, on the basis of the partnership, the UBI Banca
Group will be able to continue to offer its customers a broad range of hedge funds and to
benefit from Tages’ high level of international specialisation.
Banque de Dépôts et de Gestion
While this bank was penalised by the unfavourable performance of financial and securities
markets in 2011, only partially offset by the gain realised on the sale of the historic Neuchâtel
property, from a strategic viewpoint the various initiatives designed to reposition the bank in
the private banking segment and to further significantly contain and reduce costs continued.
A search was commenced at the beginning of the current year for a new General Manager,
which led, on 1 st March 2012, to the appointment of Thierry De Loriol who replaced Gianluca
Trombi, who occupied the position previously.
Again in the first quarter of 2012, BDG promptly launched a plan of corrective action designed
to provide a rapid solution to issues raised in relation to the results of supplementary audit
activities required by the Swiss supervisory authorities.
8 The stake fell to 7.74% at the end of 2011 as a result of capital operations performed by Tages SGR after the contribution.
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