Super-rich Italian family Agnelli are moving their massive investment company from Turin to Amsterdam now shareholders have agreed to the shift, CNN reported on Monday.

The family’s $10bn investment firm Exor says the move will ‘simplify operations’ because Fiat Chrysler, Ferrari and other businesses it owns are already based in the Netherlands.

A ‘person familiar with the move’, which was first mooted in July, told CNN that the shift in location will allow Exor to benefit from legal, financial and commercial expertise in Amsterdam.

‘Investors expect a global company to be located in a global centre,’ the source said.

When the Financieele Dagblad reported on the move in August it said Exor will be based at  Hoogoorddreef 15, the Amsterdam base of trust office SGG.

Exor and its subsidiaries will still be traded in Milan. The move is expected to be completed by the end of the year.