State Street takes 100% control of Italian joint venture

State Street Global Advisors, the investment management arm of State Street Corporation and the largest institutional fund manager in the world, has agreed to acquire Mediolanum SpA’s 50% in the Italian joint venture Mediolanum State Street SGR p. A., subject to regulatory approval. Terms of the transaction were not disclosed. The move reflects State Street’s continued expansion in the Italian institutional investment market and follows the opening of the company’s new offices in Milan in March 2004. Mediolanum State Street SGR p.A. was created in 1998 to provide asset management services to the Italian institutional investment market. The joint venture launched Fondamenta, Italy’s first private equity fund-of-funds in 2000. Fondamenta invests in Italian funds across a range of private equity sectors as well as making substantial co-investments. State Street will name the newly-acquired company, SSgA SGR p.A. and will continue to manage Fondamenta in addition to developing a new range of fund-of-funds covering other alternative asset classes. The SSgA SGR p.A. investment team, led by Giuseppe Campanella, current chief investment officer of Fondamenta at Mediolanum State Street, will remain intact and will be strengthened by the appointment of Alberto Argnani to senior investment manager. Argnani joins SSgA SGR p.a. from Deloitte financial advisory services where he was a director. Following this development, the company has also moved to new premises and can be found at: Via Mazzini 2, 20123 Milan. Giuseppe Campanella (giuseppe_campanella@ssga.com) can be reached on 02 72147711, Alberto Argnani (alberto_argnani@ssga.com) on 02 72147722, Francesco Bucci (francesco_bucci@ssga.com) on 02 72147733 and Emiliano Figurelli (emiliano_figurelli@ssga.com) on 02 72147744. Fax: 02 72147720 or 02 72147730.

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• Southern Europe