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Billionaire European family to launch asset management business

The Bertarellis, one of the world's wealthiest families, are to build a global asset management franchise and have hired a senior BNY Mellon banker to run it.

Asked what type of client the new venture would target, a spokesman for the family told campdenFB.com: "We will not target a single niche – although a retail focus is unlikely – a lot of it is dependent on acquisitions."

The new firm, the name of which has not been disclosed, will be part of Kedge Capital, the Bertarelli's family office. Third-generation Ernesto Bertarelli (pictured), chairman of Jersey-based Kedge Captial, is leading the initiative.

In a statement, he said: "I believe this is a very attractive time for us to develop our global asset management franchise. We can offer autonomy and investment independence to potential partners, as well as a solid platform and a cultural environment suited to their professional background."

The family has promised to commit substantial new capital to the new venture and intends to grow it through the acquisition of small and medium investment management firms as well as the hire of fund management teams.

Kedge confirmed that Jon Little, vice-chairman of BNY Mellon Asset Management, has been appointed CEO and will take up his position in November.

The Bertarellis are worth $10 billion according to Forbes and are currently active in a range of different sectors, including finance, sport, education, philanthropy and the luxury industry.

Ernesto's grandfather Pietro founded Europe's largest biotech company Serono in 1906. The family sold the business to fellow family firm Merck KGaA in 2007.

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