The wealth management market is undergoing a transformation process that has the potential to disrupt the entire business. In this dissertation, we study the impact of two of the variables characterizing this change, namely FinTech innovation and sustainable investing, the extent to which they are implemented, and how they are transforming the business of institutional investors, contextualizing the analysis to the Italian wealth management market. To investigate these issues, we developed and distributed a survey to a pool of 61 institutional investors operating in Italy, divided into three main sections, each concerning a different macro topic: (i) wealth management, (ii) FinTech innovation and (iii) ESG investing. We then analysed the responses gathered from the 11 institutions that decided to participate in the study and conducted cross analyses on different questions to evaluate potential relationships among the variables in consideration. Although constrained by the limited number of interviewees, the results describe institutional investors that have already shifted from traditional asset management to a more comprehensive wealth management offer, but that display a gap in the provision of specific services compared to the customer demand. Besides, these firms already implemented many aspects of FinTech innovation but still have not exploited its full potential, recognizing, however, the relevance of certain elements for the years to come. Lastly, ESG investing appears to be already a central element of the service provided by these institutions' investment strategies, and its impact on the investment portfolio seems to materialize on a shorter time frame if compared to the results of the existing literature on international context.
Il mercato del risparmio gestito sta attraversando un periodo di tali cambiamenti da sconvolgere potenzialmente l’intera industria. In questa dissertazione prendiamo in considerazione l'innovazione FinTech e gli investimenti sostenibili ed in particolare ne studiamo l'impatto sulle attività degli investitori, il grado di adozione all'interno delle società di investimento e come tali variabili stiano indirizzando il business degli investitori istituzionali, il tutto contestualizzato sul mercato italiano. Per approfondire questi temi abbiamo sviluppato e distribuito un questionario alle 61 società del risparmio gestito, autorizzate ad operare in Italia, diviso in tre sezioni principali, ognuna dedicata ad un macro-argomento: (i) "wealth mangement", (ii) "innovazione FinTech" ed (iii) "investimenti ESG". Abbiamo poi esaminato le risposte pervenute dalle 11 società, che hanno deciso di prendere parte allo studio, e sulle stesse abbiamo successivamente condotto una serie di mirate analisi incrociate per meglio chiarire alcune delle relazioni tra le variabili in esame. Sebbene limitati dal ridotto numero di società intervistate, i risultati dello studio indicano che sul mercato italiano del risparmio gestito, da una parte le società in parola si sono già mosse dalla più tradizionale gestione degli investimenti verso un'offerta più a tutto tondo accentrata sui bisogni della persona ("Wealth management"), dall'altra mostrano la presenza di gap nella propria offerta di servizi rispetto alla domanda del cliente. Inoltre, risulta che le società prese in analisi riconoscono l'importanza strategica delle diverse soluzioni FinTech, anche se nell'immediato non sembrano riscontrarne a pieno i benefici. In ultimo, sembra che gli investimenti sostenibili siano ormai diventati centrali all'interno delle strategie di investimento e che l’impatto positivo degli stessi sul portafoglio di investimenti si manifesti prima di quanto precedentemente segnalato nella letteratura internazionale.
The evolution of the Italian asset management landscape. The impact of digital innovation and sustainable investment practices on institutional investors
TESTA, ALESSANDRO;ROSSI, FERRUCCIO
2019/2020
Abstract
The wealth management market is undergoing a transformation process that has the potential to disrupt the entire business. In this dissertation, we study the impact of two of the variables characterizing this change, namely FinTech innovation and sustainable investing, the extent to which they are implemented, and how they are transforming the business of institutional investors, contextualizing the analysis to the Italian wealth management market. To investigate these issues, we developed and distributed a survey to a pool of 61 institutional investors operating in Italy, divided into three main sections, each concerning a different macro topic: (i) wealth management, (ii) FinTech innovation and (iii) ESG investing. We then analysed the responses gathered from the 11 institutions that decided to participate in the study and conducted cross analyses on different questions to evaluate potential relationships among the variables in consideration. Although constrained by the limited number of interviewees, the results describe institutional investors that have already shifted from traditional asset management to a more comprehensive wealth management offer, but that display a gap in the provision of specific services compared to the customer demand. Besides, these firms already implemented many aspects of FinTech innovation but still have not exploited its full potential, recognizing, however, the relevance of certain elements for the years to come. Lastly, ESG investing appears to be already a central element of the service provided by these institutions' investment strategies, and its impact on the investment portfolio seems to materialize on a shorter time frame if compared to the results of the existing literature on international context.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/174950