By Mauro Orru

Assicurazioni Generali SpA said Tuesday that ThreeSixty Investments SGR received approval from the Bank of Italy to operate as an asset manager.

Generali said in April 2019 that it planned to launch the asset manager, investing 1 billion euros ($1.08 billion) in the company's first fund, which is expected to be launched in the first semester of 2020.

"After obtaining regulatory approval, we are focused on the operational set-up to launch our first multi-asset fund," said Giordano Lombardo, chief executive of the new venture and former CEO of Pioneer Investments.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

February 18, 2020 09:17 ET (14:17 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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