ITALY- US investment manager Janus is opening an office in Milan in an attempt to expand its Italian business. The Milan operation will be run by Alex Ricchebuono, Janus International’s regional director for southern Europe, who joined two years ago from American Express.

Janus has approval to distribute fourteen funds in Italy, each one part of a series of Ireland-based funds launched in 1998. Ricchebuono says the launch will help focus on the institutional market, something that is seen as an increasingly important area for the group.

Janus International has $173bn in assets under management and offices in the US, London, Hong Kong and Tokyo. CEO Richard Garland says that, in continental Europe, the group is concentrating on the German and Italian markets.

“Based on our success since coming to Italy two years ago, we decided to open an office in Milan reflecting the huge potential we anticipate for our business,” he says.

“It demonstrates our commitment to Italy, an important market in Janus’ international expansion plans.”