Market Guide: Retail Investment Market in Italy 2006

Table of Contents

• EXECUTIVE SUMMARY - MARKET HIGHLIGHTS
  • Market overview
  • Market forecasts
  • Market regulation
  • Competitive market structure
  • Market leaders
• INTRODUCTION
  • What is this report about?
  • Who is the target reader?
  • How to use this report
• CHAPTER 1 MARKET OVERVIEW
  • Introduction
    • The retail market accounts for more than half of all savings and investments in Italy
    • Just under 70% of retail assets is held in bonds and deposits
    • Since 2002, the proportionate value of retail assets held in equities investments has been increasing
• CHAPTER 2 MARKET FORECASTS
  • Introduction
  • Key findings
    • While bonds will continue to account for the majority of household wealth, the proportions held in mutual funds and equities will increase
• CHAPTER 3 MARKET REGULATION
  • Introduction
  • Key findings
    • The Bank of Italy and the Companies and Stock Exchange Commission regulate the Italian savings and investments sector
    • Banks, asset management companies and investment companies which belong to financial conglomerates face additional supervisory requirements
    • Banks and non-banks face additional risk reporting requirements
    • For banks and investment companies, Basel II capital adequacy requirements imply additional investment in risk management expertise and in IT systems to calculate risk
    • Financial services companies must adapt their accounting systems to meet new standards for financial statements
    • New legislation applicable to banks, asset managers and investment companies aims to enhance consumer protection and improve market transparency
    • The scope of distribution networks for financial services has been increased
    • Asset management companies have increased flexibility in fund management
    • Upcoming EU legislation (UCITS directive and MiFID) facilitates market development and enhances consumer protection
• CHAPTER 4 COMPETITIVE MARKET STRUCTURE
  • Introduction
  • Key findings
    • The majority of Italian banks are mutual banks
    • Banks distribute primarily through their branch networks, but telephone and Internet banking are available
    • Consolidation in the sector continues, with foreign banks having a growing share of the market
    • The top 3 banks control 52% of the banking market, measured by total assets
    • The top 5 asset managers control roughly 60% of the mutual funds market
    • Over 70% of available mutual funds are equity funds or bond funds
    • Rationalization continues among securities trading companies
• CHAPTER 5 MARKET LEADERS
  • Introduction
  • Key findings
    • As at December 2005, the UniCredit Group led the banking market, based on total assets; its asset management division, Pioneer Investments, trailed the market leader in mutual funds
    • Gruppo Intesa ranked second in the banking sector; Gruppo Intesa (Crédit Agricole Asset Management) SGR ranked third among asset managers
    • In 2005, Sanpaolo IMI ranked third among banks, measured by total assets; Sanpaolo Asset Management led the mutual funds sector
    • Fineco (Gruppo Capitalia) has the fourth largest share of mutual funds, by AuM
    • Arca SGR ranks fifth among asset managers
• APPENDIX
  • Definitions
    • Asset manager / Asset management company
    • Bank
    • Collective Investment Scheme
    • Friendly society
    • Fund of funds
    • Hedge fund
    • Investment company
    • Non-retail market
    • Retail market
    • SICAF
    • SICAV
    • UCITS
  • Further reading
    • Savings and Investments SPP
      • Interactive Databases
      • Reports
    • Related Global Wealth Service SPP Reports
      • Interactive Databases
      • Market Reports
      • Strategic Insight Reports
      • Wealth Management Competitor Tracker
  • SPP writing team
  • List of Tables
    • Table 1: Total Savings & Investments segmented by retail v institutional, EURm, as at Dec 2005
    • Table 2: Total Savings & Investments segmented by retail v institutional, in percentages, as at Dec 2005
    • Table 3: Retail Savings & Investments, segmented by asset class, EURm, as at Dec 2005
    • Table 4: Retail Savings & Investments, segmented by asset class, EURm, 2001 - 2005
    • Table 5: Retail Savings & Investments, segmented by asset class, in percentages, 2001 - 2005
    • Table 6: Retail Savings & Investments, segmented by asset class, EURm, 2006 - 2010
    • Table 7: Retail Savings & Investments, segmented by asset class, in percentages, 2006 - 2010
    • Table 8: Number of banks segmented by type, as at Dec 2005
    • Table 9: Top 3 banks by total assets, as at Dec 2005
    • Table 10: Top 5 Asset management groups by assets under management (AuM), as at Dec 2005
    • Table 11: Number of mutual funds, segmented by type, as at Dec 2005
  • List of Figures
    • Figure 1: Retail savings and investments outstrip non-retail holdings in all asset classes, except for equity
    • Figure 2: Bonds account for close to 40% of retail savings and investments in Italy in 2005
    • Figure 3: Bonds consistently account for the single highest proportion of household assets, followed by deposits
    • Figure 4: Over the next 5 years, the proportion of household wealth held in bonds will decline slightly, while assets held in mutual funds will increase
    • Figure 5: As at December 2005, mutual banks dominated the Italian banking sector, by number
    • Figure 6: As at December 2005, the UniCredit Group dominated the banking sector
    • Figure 7: Sanpaolo Asset Management led the mutual funds sector, in terms of AuM as at December 2005
    • Figure 8: As at December 2005, equity funds and bond funds together represented 72% of mutual funds, by number of funds