Banca Esperia’s CEO sets out growth strategy

Fully owned by its founding shareholders Mediobanca and Banca Mediolanum, two giants in the Italian financial services industry, Banca Esperia is a boutique specialised in wealth management, with assets around €13.5bn.

Even as Banca Mediolanum looks to sell its 50% share in the investment boutique – confirmed last month by chief executive Massimo Doris – Banca Esperia has been building its presence in the asset management space, posting positive results.

“Our prime objective is to continue to capture market share via internal growth,” says Andrea Cingoli, chief executive of Banca Esperia.

Cingoli declined to comment on the sale of the business, adding that the wealth management group will further strengthen its presence adding new clients advisers, hiring professionals with specific private banking competences, real estate advisory and trustees, and investing in juniors.

In May, the bank hired Filippo Arena and Luca Ferrazzi from Schroders, and similar, high-profile appointments were made during the first months of the year.

Truly independent

The Italian market is undergoing a consolidation process, with sub-scale players subject to takeovers and mergers, and the intention of Mediolanum to find a buyer for the asset manager seems to confirm the trend.

However, Cingoli confirms that, in a hugely fragmented market, the bank prefers to grow organically with a business model that offers a platform to give independent and comprehensive advice to private individuals.

“Our offering includes financial planning, investment management and advisory on illiquid assets such as real estate and non-listed companies and banking services,” Cingoli says.

“We support our clients when important life-cycle events occur, giving advice on capital protection, succession planning and wealth structuring.

“Our investment offering includes discretionary and advisory solutions based on a comprehensive approach to risk. Being a truly independent boutique based on open architecture, we create solutions including best in class products that are available globally.”

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