The US investor is opening a new Milan office, responding to growth in its sub-advisory business.

Boston-based Wellington Management is pushing on with European growth plans, launching a new Milan office in what is a “priority market” amid sub-advisory demand, the firm said.

Managing director Erich Stock will oversee Italian-speaking relationship managers and other local specialists for the US independent in new premises at Via Dante 7, Milan.

Wellington already serves Italian clients, including pension funds, insurance companies, asset managers and intermediaries through sub-advisory mandates, and runs its own UCITS fund range.

“Having served the Italian market for the past 20 years, we recognise the importance of deepening our commitment to further support our local client base,” Stock said, who grew up in Rome and has spent three decades managing Italian, French and Iberian investments.

“We believe we’re well-positioned to cater to the Italian market, where sub-advisory is gathering increasing traction,” he added.

Head of Wellington’s client group, Stefan Haselwandter, said the move is “the next step” in a long-term commitment to grow in key European markets.

In December Wellington closed its third late-stage growth fund raising around $1.2 billion for co-investing deals and bringing companies to the public market. The asset manager has a stake in online homeshare market Airbnb, which had a successful listing in December.