Is the Italian asset management industry entering its roaring years? In this report we try to analyze the current situation and to find an answer to this question.

First, we focus our attention on the typical financial portfolio of Italian households. We will see how it can be broken down according to different criteria, such as the types of securities inside it, the income of the household and the geographical origin of the household. We then build a bridge between the evolution of the household portfolio in the last decade and the rosy prospects of Italian asset management.

In the second part, starting from the current financial environment, we highlight the excellent performance of asset managers in Italy during the last years. The analysis will be developed around two temporal layers. In the short-term, we are going to look at the yield environment and the need for diversification. In the long-term, we deepen our insight into demographics and pensions in Italy and see how this can sustain the growth of asset management. Finally, we look at the positive trend experienced by the industry in the last decade, across different investment categories.

In the last part, developing our macro views, we perform a fundamental analysis of some of the major Italian players in asset management. Looking at the quality of their earnings and at their business model, we suggest a trade idea.

At the end of our trip, we see a great growth potential for asset management in Italy. When there is growth, it is also time for improving efficiency and increasing market share. Is there any room for consolidation in the industry? We will leave you with our view on this issue.

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