2024 continues to be a positive year for the Private Banking in Italy, with numbers exceeding forecasts and strong growth in both assets under management and the entry of new operators into the market. In the first half of the year, Italian private banking has reached 1.196 billion euros in assets under management, marking an increase of +2,2% compared to the 1.171 billion of the first quarter. This result has exceeded year-end forecasts, which estimated 1.184 billion, thanks to a new collection and the revaluation effect. The entry of new players into the market added 28 billion euros, contributing significantly to exceeding the estimates.
According to data provided byResearch Office of the Italian Private Banking Association (Aipb), the industry has benefited from a service model based on professional consultancy and a central role of the Banker, as evidenced by the increase in net collections and the arrival of new operators.
The macroeconomic scenario and the impact on the markets
The second quarter of 2024 saw a slowdown in stock markets European and Italian, while the US market performed better. central banks, especially the ECB, have maintained a wait-and-see attitude, with a rate cut only in June, while the Fed has continued with stable policies.
Net collection and growth dynamics
Between March and June 2024, Private banking in Italy recorded positive growth, with a net collection of 18 billion euros, a strong increase compared to previous quarters. Themarket effect, on the other hand, had a smaller impact, contributing 4 billion compared to 32 billion in the first quarter. There were no significant changes in the organization of the sector compared to the previous quarter.
Overall, the first half saw an 8,5% growth compared to the end of 2023 in terms of masses managed (AuM), with net collections of 30 billion, reaching 80% of the total recorded in the whole of 2023. Themarket effect contributed 36 billion, while organizational changes, such as the entry of new players, accounted for 28 billion.
In the second trimester, most of the products Private Banking continued to grow. Bond products are in the lead (+9,3 billion), followed by mutual funds (+5,7 billion) and asset management (+3,8 billion). The liquidity has increased (+4 billion), while insurance products and ETFs recorded more modest increases (+1,6 billion and +1,4 billion, respectively). actions, however, suffered a slight decrease (-0,8 billion).
Portfolio composition and product performance
In the first half of 2024, the portfolio composition Private banking stabilized after the changes in 2023. All sectors recorded an average growth of 2,5%, with the exception of insurance products, which saw a more modest increase (+0,7%).
La direct collection grew by 2,7%, reaching 173 billion, with an equal split between bank bonds and liquidity. The managed collection showed a significant increase, driven by fixed-rate securities (+4,8% for bonds and +5% for government bonds). On the contrary, actions have suffered a slight decline (-0,6%), with a loss of 4 percentage points in terms of weight in the sector in the last 12 months. And F, instead, have seen a slight increase, reaching approximately 5% of the total.
Il managed continued to grow (+2,4%), with an equal distribution between asset management (+2,3%) and mutual funds (+2,2%) with the composition of the managed assets remaining stable in the quarter.
“Il Private banking continues to grow and is approaching the threshold of 1.200 billion in assets, six months ahead of expectations for the end of the year. A result that is the fruit of a distinctive and successful service model, based on professional consultancy and the centrality of the Banker, as demonstrated by the important entry of new players and a strong increase in net collections”, commented Andrea Ragani, President of Aipb.
