Sovereign wealth finally arrived in Italy on Tuesday when the Singapore government agreed to invest about €1bn ($1.53bn) in the main investment vehicle of the Benetton family.

The Government of Singapore Investment Corporation (GIC) is the first of a small number of additional partners the family is seeking as part of a global expansion of its operations. The Benettons have already been joined by Goldman Sachs and Mediobanca, the Italian investment bank.