In 2020, the global asset management market was valued at $475.9 billion and is expected to reach $730.7 billion by 2025, with a compound annual growth rate of 9.0%. This growth is due to factors such as the increasing wealth of high-net-worth individuals, rising demand for alternative investments, a growing population of retirees and an increase in the size of individual investments. In terms of asset classes, fixed-income securities have emerged as the most important for wealth management due to the lower risks associated with them.

The market is well diversified between different types of financial intermediaries, with private banks, full-service wealth managers, investment managers and stockbrokers all playing an important role. The Italian wealth management market has seen a decline in the number of entities due to the disruption associated with financial technologies and regulatory changes such as MiFID II. Despite this consolidation, the wealth of high-net-worth households in Italy increased by an average of 5.2%, attracting international companies such as Barclays.

The market is also evolving with the adoption of dynamic technologies and investment strategies. Demand tends to come from middle-aged individuals, with greater participation in northern Italy, and the Italian regulatory framework imposes a minimum capital requirement of €1 million on asset management companies. Please note that the additional data present in the original text for the years prior to 2020 have not been included in this summary for your information.

Growth and dynamics of the asset management market

The asset management market in Italy has undergone significant changes, driven by a series of socio-economic factors. There is a trend towards increasing demand for asset management services, particularly in the middle-aged segment of the population. People aged 58 to 76, who account for almost 41% of the population in this age bracket, are primarily concerned by wealth management practices. These people generally have higher earning potential and are looking to secure their financial future after retirement. In terms of investments, the average amount invested per individual in wealth management is around 47,000 euros, with older generations tending to invest larger sums.

Geographically, demand for wealth management services in Italy is unevenly distributed, with a higher penetration rate in the northern regions, where percentages ranging from 25% to 40% of the population are involved in wealth management activities. By contrast, the southern regions and islands show a lower level of commitment, with participation rates sometimes below 10%. Despite these trends, the Italian market has been a hot spot for both domestic and foreign wealth management companies, with the total amount held in current accounts amounting to almost 2,000 billion euros. The interest of households with substantial wealth in investing has led to the re-emergence of international players and the introduction of new initiatives aimed at capitalizing on the large volumes of untapped financial assets. Data show that, of the estimated 1,150 billion euros in financial assets, portfolios managed by private bankers account for around 908 billion euros, suggesting considerable room for growth in the market. With demand expanding, Italy's wealth management sector offers lucrative opportunities for industry players. These opportunities are not going unnoticed, as foreign companies are now taking an interest in the Italian market, ready to capitalize on their global presence, technological advances and economies of scale. This influx of competition has the potential to reshape the industry's landscape, and brings with it innovative services tailored to Italy's affluent clientele.

In summary, the Italian wealth management market looks robust, with growing participation from middle-aged and older generations seeking financial security for their retirement years. Geographical differences remain a relevant feature, with greater participation in the wealthier northern regions. The large volume of savings and financial assets present in the country continues to attract new entrants to the market, both internationally and locally, pointing to a trend towards further growth and expansion. the Italian wealth management market is characterized by the presence of influential financial groups that exert considerable influence on the direction of the sector.

These companies cater for a wide range of clients, from high-net-worth individuals to discerning investors seeking to diversify their portfolios and secure their financial futures. The landscape is dotted with traditional banks that have expanded their services, as well as modern, agile companies that are leveraging technology to redefine the wealth management experience. Without dwelling on their sales figures, let's take a look at the profiles of some of the major players highlighted in Assogestioni's report, who have established themselves as cornerstones of the Italian wealth management market :

  • Intesa Sanpaolo: Intesa Sanpaolo, one of Italy's leading banking groups, offers a comprehensive range of financial products and services. With a deep-rooted presence throughout the country, the group focuses on customized wealth management solutions designed to meet the diverse needs of its customers. Intesa Sanpaolo's strong presence in the Italian market underlines its role as a dominant player in the field of wealth management.
  • UniCredit: A global banking and financial services company with a significant presence in Italy, UniCredit offers its wealth management services to a broad customer base. Its approach to asset management is based on in-depth knowledge of the domestic market, as well as an appreciation of the nuances of global investment trends. UniCredit's strategy is to combine local expertise with international reach to provide well-balanced wealth management services.
  • Generali Investments: Part of the Generali Group, renowned for its insurance and financial products, Generali Investments brings a wealth of expertise in wealth and asset management. The company is known for its customer-centric approach and for offering sound investment strategies that meet the risks and objectives of individual investors.
  • Mediobanca: Serving the Italian financial sector for many years, Mediobanca is a leading investment bank that has extended its activities to wealth management. Its services are marked by innovation and a forward-looking attitude that appeals to modern investors looking for dynamic and flexible wealth management options.
  • Banca Mediolanum: Renowned for its pioneering use of information technology to enhance banking services, Banca Mediolanum has successfully positioned itself as a first-rate choice for customers seeking technology-driven wealth management solutions. Its commitment to leveraging digital platforms and tools has resonated well with customers who value convenience and accessibility in managing their assets.
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  • Last update : 10/07/2023
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Summary and extracts

1 Market Overview

1.1 Introduction

Asset management refers to the activities that revolve around the investment of funds on behalf of clients. The money is invested in portfolios containing different types of assets (e.g., financial, real estate, land, art) to optimize returns while limiting risk. Typical products offered by asset management consulting firms are savings, life insurance, and investment products (equity, bond, currency, and commodity portfolios).

In this context, asset management is structured around 3 main activities:

  • The creation of a budget: professional, economic, and family situations;
  • The implementation of an investment project: risk aversion, return objectives, etc...;
  • The management and investment of capital: according to predefined criteria of profitability, risk, transmission, cash flows, etc...

Asset management is often in the hands of large banking groups, especially retail banks (Société Générale, BNP, etc.), investment banks (Rothschild, Lazard, etc.), or insurance groups. Independent advisory firms, which were already present in the past, have recently experienced strong growth thanks to digital technologies. "Robo-advisors" have particularly contributed to this growth. The Italian population is increasingly fond of safe, transparent, and efficient wealth management. These parameters should be kept in mind in a progressively more competitive supply-side environment.

List of charts

  • The asset management market - Expected market size
  • The Asset Management Market - Segmentation by Asset Class
  • The Asset Management Market - Segmentation by Intermediary
  • The Asset Management Market - Number of Entities
  • The Asset Management Market - Number of Employees
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Latest news

Generali strengthens its position in asset management - 12/07/2023
  • The competing asset managers have the following assets under management: Amundi (€1,935 billion), Natixis IM (€1,112 billion), AXA IM (€823 billion) and BNP Paribas AM (€555 billion)
  • Acquisition of Spanish Liberty Seguros and Taiwanese Conning
  • Conning's assets under management are estimated at 144 billion euros.
  • Generali Investments Holding's total assets under management will increase to 775 billion euros
Generali acquires Liberty Seguros for 2.3 billion euros - 18/06/2023
  • Italy's leading insurance company, Generali, acquires Liberty Seguros for 2.3 billion euros.
  • generali's biggest acquisition in ten years.
  • Liberty Seguros has a portfolio of over 1.2 billion euros in premiums in 2022.
  • Liberty Seguros has around 1,700 employees and 5,600 intermediaries in its markets.
  • Generali acquired the Italian insurer Cattolica in 2021 for 1.2 billion euros
  • Generali acquired the La Médicale group in February 2022 for 435 million euros
  • Generali achieved a net profit of 2.9 billion euros in 2022.

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Intesa Sanpaolo
Poste Italiane
Morgan Stanley
JP Morgan Private Bank

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