Bank of Italy Governor Mario Draghi Wednesday said that the consolidation of asset management companies may boost future investments in the sector.

Speaking at the annual meeting of the banking association, Draghi reiterated that it is crucial that asset management companies are independent. Citing recently announced spin-offs of asset management companies from banks, Draghi said that consolidation of the sector can reduce costs for investors.

Asset management in Italy is dominated by Italy's largest retail bank, Intesa Sanpaolo SpA (ISP.MI), through its Eurizon and Banca Fideuram units, UniCredit SpA's (UCG.MI) Pioneer Investments unit as well as Italian insurer Assicurazioni Generali SpA (G.MI).

-By Liam Moloney and Sabrina Cohen, Dow Jones Newswires, +39 02 5821 9906; sabrina.cohen@dowjones.com
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