MILAN, April 29 (Reuters) - A banking foundation that is a core shareholder in Intesa Sanpaolo said on Tuesday it was handing management of its stake in Italy’s biggest bank to an asset manager to help spread the risks of its investments.
Banking foundations are not-for-profit entities that hold stakes in several Italian banks.
Some of them, such Fondazione Monte dei Paschi di Siena, have drawn criticism because the size of their holding granted them excessive influence over the bank and tied its fortunes to its share price.
Fondazione Cariplo, which owns nearly 5 percent of Intesa, said in a note Quaestio Capital Management would manage its stake but the foundation remained a long-term investor.
“This helps separate voting and dividend rights, which remain with the owner, from the investment’s financial risk.”
Reporting by Paola Arosio, writing by Valentina Za, editing by Isla Binnie