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The Italian Asset Management market from an Asset Servicer’s perspective
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
2016 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

The asset management industry constitutes a vital part of the economy thanks to its financing role.

The sector has profoundly changed since its establishment and, nowadays, changes in organization,

investors’ behaviour and regulatory framework are deeply reshaping the industry. In this context,

also the Italian market, which has traditionally been characterised by some distinguishing features,

is being influenced by a series of modifications at both European and national level.

The purpose of this paper is to analyse the Italian Asset Management industry’s structure and

organisation, understand how it is evolving and grasp the factors that can affect its market to then

draw implications influencing the business and operations of an asset servicer.

This work divides the Italian Asset Management market into two parts, the Asset Managers

segment, including collective management and discretionary mandates, and the Pension Schemes

segment. These two composing parts are analysed from an Asset Servicer’s perspective, presenting

data over the financial instruments they contain. The paper follows the Case Study approach

employing mainly secondary quantitative data.

In Italy, the distribution of Asset Management products as well as trading activities remain based

on banking networks. In recent years, among collective management products, foreign-law mutual

funds are the ones that grew the most. This, along with the fact that the asset servicers’ market is

dominate by few specialized players operating on a global scale, puts the spotlight on asset

servicers’ cross-border level of integration. Even tough discretionary mandates are struggling to

recover and have grown at a slower pace, due to “MiFID II” upcoming rules, financial

intermediaries will be encouraged to place these products on the market. Lastly, the Italian pension

system is underdeveloped if compared to other European countries and few players own the

majority of the complementary pension schemes market.

The paper highlights how technology innovations, policies of the ruling governments, interest rates

levels and national and communitarian regulation are the factors driving the asset management

industry.

Place, publisher, year, edition, pages
2016.
Series
, TRITA-FOB-ByF-MASTER-2016:50, 456
Keyword [en]
Asset Management, Asset Managers, Asset Servicer, Asset Management Companies, Depositary Bank, Pension Schemes
Keyword [sv]
Kapitalförvaltning, Förvaltare, Tillgångs Serviceföretagets, Kapitalförvaltningsbolag, Depåbank, Pensionssystem
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-195837OAI: oai:DiVA.org:kth-195837DiVA: diva2:1045593
Supervisors
Examiners
Available from: 2016-11-21 Created: 2016-11-10 Last updated: 2016-11-21Bibliographically approved

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