Italian private banking continues to grow and is doing so even more than expected: according to the research centre of the Italian Private Banking Association (AIPB), the sector closed the third quarter of the year with assets under management equal to 1.371 billion euros (+4% compared to the previous half-year). This is the highest quarterly growth of 2025, benefiting from a higher-than-expected market effect (+2,2%, equal to €29 billion), especially in a context still characterized by elements of uncertainty. Despite concerns related to possible market corrections, according to AIPB, the contribution of performance in the quarter is still very positive: "Net collection confirms a stable contribution (+1,1%, equal to €14 billion), in line with the trend observed since the beginning of the year and with a constant contribution to the growth of assets. The changes in scope complete the picture, adding a further €9 billion (+0,7%), without highlighting extraordinary variations.
The first 9 months of 2025 showed an overall growth in assets of +9%
On the annual evolution front, the data for the first nine months of 2025 recorded a decidedly positive trend, with a overall growth in masses of +9% In line with the private banking industry's steady growth trend in recent years, assets under management increased by €134 billion (10,8% year-on-year from September 2024 to September 2025). Net inflows (+€53 billion) were the main component, followed by market effects (+€50 billion, which saw particularly strong growth in the final quarter) and changes in the scope of operations (+€31 billion).
The best result is that of the funds, with inflows equal to 4,2 billion euros
All investment sectors recorded positive net inflows in the quarter. Funds posted the best results, with inflows of €4,2 billion, in line with the trend seen in previous quarters. As expected, interest in the managed sector is decreasing, which still raised €3,6 billion: this is the lowest figure since the beginning of the year, especially considering the €13 billion raised in the first two quarters. Asset management and insurance products also closed the quarter in positive territory, although they did not, at this stage, highlight the opportunities that private banking clients seem to be most eagerly seeking. Regarding liquidity, some operators reported significant increases, partly attributable to "liquidity events." As previously observed, these assets are likely to be redistributed within other investment segments in the coming months.
In terms of asset mix, the portfolio composition remains substantially stableMutual funds represent 23% of AuM, followed by asset management (12,1%), liquidity (12,6%), government bonds (11,3%), shares (11,5%) at around 11% each and an overall insurance component exceeding 19%, broken down into Branch I (5,9%), Branch III (5,9%) and multi-branch policies (6,9%).
AIPB raises private banking expectations
In light of the better-than-expected September results, estimates for private banking's positioning within the Italian financial market, developed by the AIPB Research Center in collaboration with Prometeia, have been revised upward. Expected asset growth for the end of the year, initially estimated at 7,8% compared to 2024, is now forecast at 11,2%, for a total of €1.398 billion. In this scenario, Private banking market share is expected to reach 36%, confirming its increasingly important role in the national financial landscape.
“The third quarter data – he commented the President of AIPB, Andrea Ragaini – exceed expectations and confirm the solidity of Italian Private Banking. The growth recorded, supported by improving markets and steady net inflows, demonstrates the sector's resilience and its ability to offer professional advice and high-value solutions even in a complex global environment. Reaching nearly €1.400 trillion in assets under management by the end of this year is a significant milestone, reaffirming Private Banking's central role in the country's financial system and clients' growing trust in our operators.
