Italy’s leading asset manager Eurizon Capital launches in Singapore 20 funds - Appoints first Singapore distributor, Phillip Securities

Singapore/Milan 21 November 2007 – Eurizon Capital, the leading Italian asset management company, today announced the launch in Singapore of 20 of its Luxembourg-domiciled funds.

Eurizon Capital is fully owned by Intesa Sanpaolo, the leading banking group in Italy with more than 6,100 branches serving about 10.7 million customers, and among the top banking groups in the euro zone, with a market capitalisation of 70 billion euro.

Phillip Securities Pte Ltd, a member of PhillipCapital, will be Eurizon Capital’s first distributor in Singapore. It will sell to accredited investors Eurizon Capital funds that have been recognized by the Monetary Authority of Singapore under the restricted scheme.
 
“The launch of our funds in Singapore allows us to implement our entry-strategy in one of largest markets for asset management business in Asia,” said Ciro Beffi, General Manager of Eurizon Capital S.A., “Phillip Securities, an active and recognizable local player in Singapore, will help us to enter this market.”

Eurizon Capital established its first Asian branch in Singapore in September 2006. In April 2007, the branch was granted a Capital Markets Services licence for fund management by Monetary Authority of Singapore. The Singapore branch will pursue opportunities across Asia to develop Eurizon Capital asset management business.

This year, Eurizon Capital announced the launch of a Luxembourg-domiciled total return fund investing in Asian equities ex-Japan sub-managed by the Singapore-based Fullerton Fund Management, a wholly-owned subsidiary of Temasek Holdings. In April 2007, Eurizon Capital appointed Galaxy Securities as its master agent for distribution of a selection of its mutual funds in Taiwan.

Intesa Sanpaolo announced the acquisition of 49% stake of Penghua Fund Management one of the main local asset management companies in China in April 2007. Previously, it announced the purchase of 19.9% stake of Union Life, an insurance company ranked among the top ten in China. 

Lim Hua Min, Executive Chairman of Phillip Securities, underlined that, “with this partnership, PhillipCapital broadens the fund offerings on our platform (which currently stands at about 400 funds) to our customers, providing them with more choices.  It also presents an opportunity for us to introduce an important European player to our clients in Singapore and for Eurizon Capital, a further step in developing its entry-strategy in Asia.”

“We are observing in Singapore and in the region a steady growth in the demand of foreign mutual funds driven by investors’ need for geographical diversification of their portfolio,” said Ciro Beffi. “With our wide range of funds, Singapore investors have access to one of the European’s leading specialist in the mutual fund business.”

Eurizon Capital funds offered in Singapore belong to an umbrella fund governed by the law of Luxembourg and are UCITS III compliant. They include several equity sub-funds focused on individual markets and global sectors such as Equity Euro, Equity Italy, Equity Small Cap Europe, Equity Emerging Markets EMEA, Energy & Materials, Banks and bond sub-funds such Bonds Euro Medium Term and Bonds Emerging Markets. The funds will be registered in classes denominated in Euro and in US$. Eurizon Capital funds include a class of funds that hedge the foreign exchange exposure between the currency of the underlying asset and the Euro.

Editor’s Notes

An accredited investor is classified by the MAS as an individual whose net
personal assets exceed in value SG$2 million (or its equivalent in a foreign
currency); or income in the preceding 12 months is not less than S$300,000 (or
its equivalent in a foreign currency).

About Eurizon Capital

Eurizon Capital is organized in three specialised asset management companies:

• Eurizon Capital SGR S.p.A., specialised in asset management for retail clients (mutual funds and managed accounts) and for institutional investors which can benefit from a wide range of dedicated services and products;
• Eurizon Capital S.A., specialised in managing Luxembourg-domiciled mutual funds;
• Eurizon Alternative Investments SGR S.p.A., specialised in managing funds of hedge funds.

Eurizon Capital SGR directly controls Eurizon Capital S.A. and Eurizon Alternative Investments SGR. Products and services offered to clients by Eurizon Capital are mainly distributed by Intesa Sanpaolo branches network. Institutional clients are best served by a dedicated team of professionals. As of 30 June 2007, Eurizon Capital assets under management were 130 billion of euros (source: Assogestioni), including Italy and Luxembourg-domiciled mutual funds, managed accounts and funds of hedge funds. Eurizon Capital currently employs 480 people. Francis Candylaftis is Eurizon Capital CEO.

About PhillipCapital
PhillipCapital is a group of companies which offers a full range of quality and innovative financial services to retail, corporate and institutional customers. PhillipCapital is an integrated financial services provider with more than 2,500 staff in Asia and Europe and total shareholders’ funds in excess of US$500 million.

The group provides a comprehensive suite of financial services to individual and corporate investors as well as institutions. PhillipCapital services range from fund management, unit trusts, hedge funds, insurance planning, mortgage loans, investment research and broking in bond, securities, futures, foreign exchange, precious metals and commodities. Institutions can also benefit from corporate finance and advisory services by PhillipCapital as well as information technology solutions.

Issued by Eurizon Capital Sgr s.p.a. authorized and regulated by the Consob. In Asia, this document is issued by Eurizon Capital Singapore Branch. Eurizon Capital SA is established under the laws of Luxembourg. An investment in the funds may not be suitable for all investors and is not available to US persons. Investors should contact their financial adviser to determine if the funds are available in their jurisdiction. Investment involves risks, and the prospectus should be read for further details. Past performance is not indicative of future performance. This press release is not a solicitation for the sale of shares.

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