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市場調查報告書
義大利的財富經營管理:2011年
Wealth Management in Italy 2011
| 出版商 |
Datamonitor |
| 出版日期 |
2011年07月 |
商品編碼 |
208010 |
| 內容資訊 |
英文 Pages: 77 |
| 價格 |
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義大利的財富經營管理:2011年 是由出版商Datamonitor在2011年07月所出版的。
這份英文市場調查報告書包含Pages: 77 價格從美金4495起跳。
義大利多數的財富經營管理客戶，在不景氣的情況下都失去了利益、風險容許度、自信等等。而目前正處於市場重建的階段，對領解客戶需求及動機的財富經營管理企業來說，是個吃香的時機。
本報告提供義大利財富經營管理市場調查，彙整各競爭公司的策略，及目標群客戶的規模，理解客戶需求等等相關考察，為您概述為以下內容。
第1章 概要
第2章 摘要整理
- 義大利的富裕階層人口規模及預測
- 義大利的高淨值(HNW)客戶
- 義大利的財富經營管理市場競爭情形
第3章 義大利的富裕階層人口規模及預測
- 宏觀經濟學概要
- 義大利的財富經營管理法規
- 義大利國內富裕階層人口規模及預測
第4章 義大利的高淨值(HNW)客戶
- 簡介
- 義大利的個人高淨值投資者(HNW)，主要是65歲以上的男性因創業致富
- 義大利人高淨值(HNW)投資者，大部分資產分為現金、短期投資，以及確定利息產品
- 義大利的財富經營管理企業所提供的服務有著決定性高低的差異
- 今後2年客戶所需求的服務不會有太大的變化
- 義大利的個人高淨值投資者(HNW)雖然對於新投資點子接受度高但想迴避風險的傾向不變
- 大多數個人高淨值投資者(HNW)都只與一家財富經營管理企業交易
第5章 義大利的財富經營管理市場的競爭情形
- 簡介
- 義大利的財富經營管理由銀行獨佔，僅限於資產管理活動
- 競爭企業趨勢
- 義大利財富經營管理市場的主要企業
附錄
Abstract
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 Contents
OVERVIEW
- Catalyst
- Summary
- Methodology
EXECUTIVE SUMMARY
- Sizing and forecasting the affluent population in Italy
- 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
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
- 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
TABLES
- Table: Key Italian macroeconomic data
- Table: Key Italian macroeconomic data
- Table: The mass affluent population (thousands), 2006 - 14
- Table: The HNW population (thousands), 2006 - 14
- Table: The value of mass affluent assets by asset band (€ bn), 2006 -
14
- Table: The value of HNW assets by asset band (€ bn), 2006 - 14
- Table: In-house asset management divisions of leading Italian banking
groups, 2010
- Table: Top six wealth management players in the Italian market, 2010
- Table: BNL-BNP Paribas performance data, 2010
- Table: Intesa Sanpaolo Group performance data, 2010
- Table: Montepaschi Siena performance data, 2010
- Table: UniCredit Group performance data, 2010
- Table: Western European stock market capitalization (€ bn), 2006 - 10
FIGURES
- Figure: The largest segment of Italian HNW individuals are over 65 years
old
- Figure: Italy' s economy is the fourth largest in Western Europe
- Figure: Italian GDP growth slumped during the global economic recession
- Figure: Inflation peaked in 2008 and is set to remain below 2.5% until 2015
- Figure: Long-term interest rates will continue to rise as investors seek
higher premiums for investing in poorly performing economies
- Figure: Since the end of 2008, short-term interest rates have been kept at
a low level by the European Central Bank in an attempt to foster economic
recovery by lowering borrowing costs
- Figure: The Italian stock market has seen its share of the total Western
European market constantly reduce since 2006
- Figure: Italy has the second highest Gini coefficient in Western Europe,
indicating higher inequality in income distribution
- Figure: By 2013 the Italian mass affluent population will have returned to
pre-crisis levels
- Figure: By 2012 the Italian HNW population will have returned to
pre-crisis levels
- Figure: Italian mass affluent individuals held a total of € 756bn in
2010
- Figure: Italian HNW individuals held a total of € 219bn in 2010
- Figure: Italy has the second lowest percentage of female HNW individuals
in Europe
- Figure: The largest segment of Italian HNW individuals are over 65 years
old
- Figure: Earned income is the least common form of wealth accumulation for
Italian HNW individuals
- Figure: Italian HNW individuals are risk averse and prefer low risk
investments
- Figure: Italian HNW individuals allocate more than 20% to government bonds
- Figure: No substantial changes are expected in terms of asset allocation
over the next two years
- Figure: Wealth managers in Italy are failing to offer both tax and
inheritance planning to their HNW clients
- Figure: A significant increase in demand for tax, inheritance, and fiscal
planning services is expected by 2013
- Figure: A good knowledge of financial products and openness to new
investment ideas goes hand-in-hand with traditionally risk adverse investors
- Figure: In Italy personal relationships between HNW individuals and wealth
managers remain extremely important
- Figure: Over 77% of HNW individuals in Italy meet face-to-face with their
wealth manager at least once a month
- Figure: HNW individuals have noticeably high portfolio allocation per
wealth manager
- Figure: Italian HNW individuals are more loyal to their wealth managers
than to their banks
- Figure: Referrals from retail or investment banks are the least successful
means of acquiring new clients in Italy
- Figure: Cold calling and press advertising are the least effective means
of attracting new clients in Italy
- Figure: Co-operative banks tend to be small, local banks which do not
target the wealth management space
- Figure: Co-operative banks are the most prominent type of financial
institution operating in Italy
- Figure: Larger publicly listed organizations account for the vast majority
of bank branches in Italy
- Figure: Northern Italy has over 60% of the Italian banking institutions
- Figure: Webank has a customer care team of four people on Twitter
- Figure: UniCredit' s internal social media page is used by thousands of
employees every day
- Figure: BNL-BNP Paribas Private Banking is separate from the group' s
retail division
- Figure: The BNL Visa Infinite card has been designed specifically for HNW
clients
- Figure: Intesa Sanpaolo is still primarily a domestic player
- Figure: Intesa Sanpaolo launched a Facebook page on July 1, 2011
- Figure: MPS' s private banking division serves clients across its three
main banking brands
- Figure: UniCredit Private Banking is one of the group' s three key
functional divisions
- Figure: There have been no new post to UniCredit Art' s Twitter page since
October 2010
- Figure: Global Wealth Managers Survey 2011 geographic coverage
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