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Wealth Management in Italy 2006Product Type: Market Research ReportPublished by: Datamonitor Published: December 2006 Product Code: R313-18923 Description IntroductionThis report focuses on the onshore liquid assets of wealthy individuals in the Italian market. It sizes, segments and forecasts the number of affluent individuals and the liquid assets they hold. It investigates the competitive landscape in terms of players, products and services, and M&A activity. Scope Sizing and forecasting of wealthy individuals, generated from Datamonitor's proprietary Global Wealth Model Data segmented into ten specific asset bands, from EUR50-75K to EUR3m+ Detailed analysis of M&A activity, competitive developments, major players, and developing trends in products and services Highlights The number of wealthy Italian individuals has seen steady growth since 2001, reaching 6.2m in 2005, while the total value of their liquid assets has reached over EUR1 trillion. Datamonitor predicts the number of wealthy Italian individuals to reach 7.5m by 2010. While historically fragmented, the Italian banking sector has recovered from recent scandals to attempt a large-scale consolidation before foreign players threaten domestic interests. Banca Intesa and SanPaolo IMI have merged to create the biggest banking entity in Italy, but UniCredito remains the primary player in the private banking industry. Reasons to Purchase Assess market attractiveness by reviewing size and growth forecasts up to 2010 Assess the threats and opportunities for wealth managers and ascertain who the key competitors are within the industry Achieve detailed knowledge of the recent movements and future trends within the Italian wealth management market Table of Contents TABLE OF CONTENTSEXECUTIVE SUMMARY 4 Introduction 4 Wealthy Clients in Italy 4 The competitive landscape in Italian wealth management 5 INTRODUCTION 12 What is this report about? 12 Who is the target reader? 12 How to use this report 12 Note to readers 13 CHAPTER 1 WEALTHY CLIENTS IN ITALY 14 Introduction 14 Key findings 14 Italy represents an attractive market for onshore and offshore wealth management 15 There are over 6m wealthy individuals in Italy in 2005 15 Wealthy Italian individuals currently hold EUR1071.0bn in onshore liquid assets 16 The number of wealthy individuals in Italy will approach 7.5m by 2010 17 Total onshore liquid assets will increase by around 5% over the next 5 years 18 CHAPTER 2 COMPETITION FOR ITALIAN WEALTHY CLIENTS 22 Introduction 22 The Italian banking sector has been historically fragmented 22 Despite a large number of players, the structure of the sector has made consolidation difficult 22 Efforts are being made to consolidate the financial sector before foreign players threaten domestic interests 23 As a result, a few large domestic players are beginning to dominate the Italian wealth industry 23 Banca Intesa and SanPaolo IMI have merged to create the largest banking entity in Italy 23 UniCredito Italiano Group remains one of Italy’s leading financial institutions 24 Banca Monte dei Paschi di Siena saw a net profit increase of 42% between 2004 and 2005 and is courting partners 25 Capitalia is the fourth largest domestic player in the Italian market 26 The banche popolari are making moves to consolidate their position 27 Foreign players are demonstrating increasing interest in the Italian banking sector 28 BNP Paribas recently purchased BNL 28 ABN AMRO won the fierce battle for Banca Antonveneta 28 Sal Oppenheim move into the Italian wealth management market 29 Santander buy into the Italian market to exploit the wealthy Italian client base 29 And a number of other major banks are making gradual moves into the region 29 Regulation is having both positive and negative effects on the industry 30 Tax hikes are sending Italian money out of the country 30 The Basel II Accord forces high compliance costs 31 The wealth management industry in Italy has a bright future ahead 32 The asset management market is buoyant and rising Error! Bookmark not defined. There is growing securitisation across European markets 32 The Italian financial sector is consolidating into a healthy competitive landscape 32 APPENDIX 34 Definitions 34 Research methodology 35 Wealth Management Market Leaders Survey 2006 Error! Bookmark not defined. Global Wealth Model Methodology 35 Further Reading 39 Global Wealth Management SPP 39 Datamonitor Asia Pacific Wealth Management SPP 40 SPP writing team 42 LIST OF TABLES Table 1: Number of wealthy Italian individuals (000s), segmented by asset band, 2001-5 19 Table 2: Value of onshore liquid assets held by wealthy Italian individuals, EURbn, segmented by asset band, 2001-2005 20 Table 3: Forecast number of wealthy Italian individuals (000s), segmented by asset band, 2006-2010 20 Table 4: Forecast value of onshore liquid assets held by wealthy Italian individuals, EURbn, 2006-2010 21 LIST OF FIGURES Figure 1: Increases in the number of wealthy Italian individuals has leveled out compared to the strong growth of 2002-2004 15 Figure 2: Growth in Italian liquid assets has demonstrated significant growth since 2002 16 Figure 3: The number of wealthy Italian individuals is likely to increase by over 1m to almost 7.5m over the next 5 years 17 Figure 4: The value of onshore liquid assets among wealthy French individuals is expected to reach over 1.3trn by 2010 18 |
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