Fineco, the Italian financial services group is evaluating strategic options for its two asset management operations having bought back a 20% stake in its Fineco Gestioni fund from Putnam, the US asset manager, for $25m (€21.1m).

The firm has two asset management operations: Fineco Gestioni and Fineco Asset Management with combined assets of €37.6bn. Putnam will continue to manage some of Fineco's funds.