FAJ | March 2026
Asset management in Italy is experiencing strong growth, with record assets exceeding €2.6 trillion, driven primarily by target-date bond funds, thanks to their pursuit of yield and protection, including in response to BTPs (Italian government bonds), a greater focus on private markets, and a shift toward personalized financial advice compared to traditional active management.
The asset management and wealth management industries are two sides of the same coin, with specialized players clearly leading the way: networks of financial advisors, private banks, and family offices have overtaken traditional banks, capturing over 47% of the market.
The growth of ETFs has put pressure on active management, which is gradually shifting toward the illiquid component, both to capture illiquidity premiums and to operate in technically less efficient markets, where managers can express greater value, even in the face of a decline in the number of companies listed on international markets, both in Europe and the United States.
Private equity and private debt investments are moving from a niche to a more significant component in the portfolios of Italy’s wealthiest individuals (private individuals and HNWIs), who are also expressing a strong interest in asset management, which continues to generate positive inflows.
Attention should also be paid to digital players and fintechs (Scalable Capital, Trade Republic, Revolut, Satispay, and Money Farm), which, despite having market shares of less than 1%, are growing in awareness and consideration: 25.8% of 35- to 40-year-olds with an average financial balance of €150,000 would consider investing their money in one of these companies.
The sector is also evolving toward greater integration between product factories (SGRs) and distribution, often internalized by large banking groups to offer more targeted solutions.
The ability to develop organizational models and industrial processes capable of effectively connecting product factories—managed assets, investment banking, private markets, and insurance—with all distribution channels and customer segments (mass market, affluent, and private) is increasingly refined, within a single management team focused on the client’s financial and wealth planning.
It’s now well established that distribution models are shifting from the simple sale of products to personalized financial advice, with increased use of stocks, ETFs, and insurance products.
Financial advice and personalized wealth planning are therefore becoming synonymous, thanks to the use of algorithms and systematic investment management, based on predefined rules, rigorous data, and algorithmic models, reducing the influence of human emotions and discretion.
In this context, the advisor’s ability to establish a personal and empathetic relationship and manage their client’s emotions is increasingly necessary, but—in itself—no longer sufficient for the future of the profession.
Those who can rely on an efficient model, whether operating as an employee, a mandated advisor, or an independent consultant, will be increasingly successful: welcome to the new world.
Nicola Ronchetti