Re-establishing trust, the new challenge for Italy’s AM industry
The annual Salone del Risparmio organised in Milan by Italy’s asset management association Assogestioni has become a “must-show” for domestic and international industry players because it represents one of the few occasions for advisors to interact with retail investors and stakeholders at wide.
“We would need 20, even 30 similar forums. It’s a unique opportunity for us to meet investors and to understand what is the sentiment in the country,” said Enrico Vaccari, deputy chief financial officer at local SGR Consultinvest SIM.
Vaccari is one of the about 5,000 people who have flooded today Bocconi University to attend conferences organised by the association and to network with potential clients.
The key word of this year’s Salone is ‘confidence’, as stated by chairman Domenico Siniscalco during the opening speech of the event.
“Assogestioni is doing a very relevant job to promote financial education and we are seeing the changes. Yet, we are among the latest countries in Europe when it comes to savings and this shows a great growth potential,” Vaccari added.
According to the advisor, efforts will have to be directed on two sides. The first is education and the second will be to fuel and develop confidence and trust again.
“Italian investors choose their strategies according to trends. Now is back on domestic BTPs, which they are buying at 110 when they were selling at 80 last year. The Italian is getting out now of one of the worse confidence crisis ever, and as professional players we need to take part in this process,” Vaccari said.