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Wealth Management in Italy 2011 Published on July 2011

Report Summary Introduction Clients lost a lot in the recession: returns, risk tolerance and confidence. Now in a rebuilding phase, wealth managers that understand their clients' demands and motivations are in the best position to profit. Datamonitor's analysis provides the data and insight to monitor competitors' strategies, size their potential customer base, and understand their needs. Features and benefits * Build your customer targeting strategy using in-depth HNW demographics and needs analysis based on Datamonitor's annual Global Wealth Manager Survey. * Assess your competition through detailed profiles of notable players, including the customer targeting, marketing and product strategies they employ. * Size your potential client base using Datamonitor's proprietary data, presenting the number of affluent individuals by liquid asset band to 2014. Highlights The tax amnesty, in 2009-201 was extremely successful and over '100 billion undeclared assets were brought back onshore, coming mostly from Switzerland. Many foreign wealth managers have expanded their operations in Italy in order to take advantage of the massive inflow of capital and to maintain relationships with pre-existing clients. There are a few crucial gaps in the service offering of wealth managers in Italy such as the lack of tax or inheritance planning. It is crucial that wealth managers built a stronger offering in the field and build an in-house tax expertise to strengthen their relationships with clients The Italian wealth management market is dominated by large universal banks. Unicredit and Intesa Sanpaolo are by far the two largest groups with about '70bn in AUM each. Your key questions answered * What strategies are my competition employing to win and keep affluent clients' * Which products and services will affluent clients in Italy want in the next two years' * How is the Italian wealth management structured' What role do banks and asset managers play' * How many potential clients in Italy have onshore liquid assets that would allow me to run a very profitable business' * Who are the main regulators in Italy and which legislation has impacted wealth managers'

Table of Content Executive Summary Sizing and forecasting the affluent population in Italy

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>> Get this Report Now by email! Recent macroeconomic trends National regulators protected the Italian financial market from the worst effects of the global economic crisis In 2012 the Italian HNW population will return to pre-crisis levels HNW customers in Italy The typical Italian HNW individual is over 65 years old, male, and amassed his wealth through entrepreneurship Italian HNW individuals typically gravitate towards cash or near-cash and fixed income products There are crucial gaps in the service offerings of Italian wealth managers Italian HNW investors have a low risk appetite and value personal relationships with their wealth manager Italian HNW individuals are more loyal to their relationship manager than the companies which provide them Competitor developments in Italian wealth management The banking system can be segmented into two key pillars The Italian wealth management market is dominated by large universal banks There has been significant consolidation in the Italian banking sector in recent years Italian banking institutions have shown limited activity in the social media space OVERVIEW Catalyst Summary Methodology SIZING AND FORECASTING THE AFFLUENT MARKET IN ITALY Macroeconomic overview The Italian economy has been one of the worst performers in Western Europe in recent years Italy's GDP is the fourth largest in Western Europe The country has consistently recorded disappointing real GDP growth Italian inflation is set to remain below 2.5%, after peaking at 3.4% in 2008 Long-term and short-term interest rates Italy has seen its share of Western European market capitalization fall in recent years Italy has the second highest Gini coefficient in Western Europe Regulation of wealth management in Italy Banca d'Italia and CONSOB are the principal regulatory bodies for the Italian financial and banking sector Recent legislation and regulatory developments Sizing and forecasting the Italian onshore affluent population There were over 5.6 million mass affluent individuals in 2010 in Italy There were over 85,000 Italian HNW individuals in 2010 The total liquid assets held by mass affluent individuals was lower in 2010 compared to 2006 Overall the liquid assets held by HNW individuals is still markedly lower in 2010 compared to 2006 HNW CUSTOMERS IN ITALY Introduction The typical Italian HNW individual is over 65 years old, male, and amassed their wealth through entrepreneurship Women account for a smaller proportion of AUM in Italy than the Western European average HNW individuals under 30 years old account for a smaller portion of AUM in Italy, compared to the overall European value Entrepreneurship and inheritance remain the most common forms of wealth accumulation Italian HNW investors allocate the majority of their assets to cash, near-cash, and fixed income products Detailed asset analysis shows that deposit saving and corporate and government bonds represent over 57% of total asset allocation in Italy There will be no significant changes in terms of Italian portfolio composition in the next two years There are crucial gaps in the service offerings of Italian wealth managers There are no significant differences in client service demand in the next two years Demand for tax planning and advice is high across Western Europe, and is expected to grow further

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>> Get this Report Now by email! Italian HNW individuals are open to new investment ideas, but remain risk averse Italian HNW individuals put little emphasis on social media and online tools Face-to-face meetings between wealth managers and HNW individuals remain very important in Italy The majority of HNW individuals have one wealth manager The majority of HNW individuals allocate over 70% of their portfolio to a single wealth manager Italian HNW individuals have noticeable more loyalty in their client relationship manager than the company itself The most successful method of acquiring new HNW clients in Italy is through referrals from existing clients Client events are by far the best way to attract new HNW clients in Italy and Europe COMPETITOR DEVELOPMENTS IN ITALIAN WEALTH MANAGEMENT Introduction Banks dominate wealth management in Italy, with limited asset management activity There are broadly two forms of banking in Italy IFAs have a limited role in Italian wealth management Competitor trends Geographic expansion There has been significant consolidation in the Italian banking sector in recent years Italian banking institutions have shown limited activity in social media Key competitors in the Italian wealth management market The universal banks dominate the Italian wealth management market Competitor profile: BNL-BNP Paribas Competitor profile: Intesa Sanpaolo Group Competitor profile: MPS Competitor profile: UniCredit APPENDIX Supplementary data Definitions High net worth (HNW) Liquid assets Mass affluent Measures of growth Onshore Methodology Overall methodology Global Wealth Managers Survey 2011 Global Wealth Model methodology Selected bibliography Further reading Ask the analyst Datamonitor consulting Disclaimer

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