ASSET MANAGEMENT AND PRIVATE BANKING
- Overview
- Assessment methods
- Learning objectives
- Contents
- Full programme
- Bibliography
- Delivery method
- Teaching methods
- Contacts/Info
A good understanding of basic Principles of “Economics of Financial Markets” is recommended.
Final written test, which lasts an hour and a half, divided in 5 questions.
For the purpose of passing the exam is necessary to achieve a rating of at least 18 points over 30. No oral exam is available.
The course explores the essential aspects of Wealth management discipline, including the keys to wealth creation, portfolio management, proper investment appraisal, asset protection, planning for retirement and many other issues.
The market is changing fast and players need to adapt their strategies finding ways and means to optimize wealth management; the course therefore analyses: wealth management challenges; the changing client profile and needs; the new products, pricing process and distribution channels of Private Banks; competitor and business-model overview.
At the end of the course the student will be able to know and understand the asset management, wealth management and private banking activities.
Additionally, the student will acquire the advanced technical language and manage independently the topics of asset management and evaluate critically the possible management solutions.
1. The Wealth management market. [6 hours]
a) Types of players and business models.
b) Structure and organization of distribution channels.
c) The role of Relationship Manager.
d) Client segmentation: traditional and other criteria.
e) Client value management. Content and objectives of personal financial planning.
2. Products and services in private banking: the advisory process, asset management, alternative investments and structured products, fiscal and legal advisory, insurance products, property and real estate, art banking. [18 hours]
3. Main types of mutual funds and portfolio management schemes. The role of the custodian. The content of the informative prospect. The fee policy for the customers. The alternative investments: Hedge funds; Ethic funds and SRI. [6 hours]
4. Portfolio management: [10 hours]
a) Asset allocation: strategic, tactical and dynamic. Market timing and stock picking.
b) Asset management with relative and absolute return goals. Styles and techniques of active and passive management.
c) Investment appraisal: the benchmark, portfolio return, risk adjusted performance measurement evaluation criteria and models, managers selection; portfolio return (hints); fund performance evaluation and NAV (hints).
See section "Contenuti".
The course material required is as follows:
1. Musile Tanzi P. (a cura di), Manuale del private banker, Egea, Milano, 2016.
2. FERRARI A. – GUALANDRI E. – LANDI A. – VEZZANI P., Il sistema finanziario: funzioni, mercati e intermediari, Giappichelli Editore, Torino, 2018: chapter VI (paragraph 4).
3. A. Ferrari - E. Gualandri - A. Landi - V. Venturelli - P. Vezzani (2017), Strumenti e prodotti finanziari: bisogni di investimento, finanziamento, pagamento e gestione dei rischi, G. Giappichelli Editore, Torino, chapter VII.
4. Banca d'Italia, Relazione annuale 2017, Roma, 29 maggio 2018, pp. 184-188. https://www.bancaditalia.it/pubblicazioni/relazione-annuale/2017/rel_201...
Reading list:
1. Assogestioni, Guida alla classificazione, 2003
http://www.assogestioni.it/index.cfm/3,154,565/07_40020.pdf
2. Assogestioni Benchmark e fondi comuni, 1999
http://www.assogestioni.it/index.cfm/3,154,567/09_92020.pdf
3. Assogestioni, Manuale per l'analisi della teoria e delle tecniche di valutazione della perfomance di un portafoglio di investimento. Testo elaborato da Prometeia per Assogestioni http://www.assogestioni.it/index.cfm/3,154,568/10_92030.pdf
4. Assogestioni, Mappa trimestrale del risparmio gestito, n.3, 2018 , http://www.assogestioni.it/index.cfm/3,243,8921/mappa_2018_03.pdf
5. Consob, Relazione per l’anno 2017, Roma 31.3.2018, http://www.consob.it/web/area-pubblica/relazione-annuale
6. Eurosif, European SRI Study, 2018, http://www.eurosif.org/wp-content/uploads/2018/11/European-SRI-2018-Stud...
7. The Credit Suisse Research Institute's, Global Wealth Report, 2018 https://www.credit-suisse.com/corporate/en/research/research-institute/g... https://www.credit-suisse.com/media/assets/corporate/docs/about-us/resea...
8. SCHENA C., TANDA A., ARLOTTA C., POTENZA G. (2018), Lo sviluppo del FinTech. Opportunità e rischi per l’industria finanziaria nell’era digitale, CONSOB - Collana Quaderni FinTech, n. 1, marzo 2018, pagine 22-38 . Il testo si può scaricare dal sito internet: http://www.consob.it/documents/46180/46181/FinTech_1.pdf/35712ee6-1ae5-4...
9. Di Mascio A., Wealth Management e Fintech. Le nuove sfide tra Private Banker e Robo Advisor, Egea, 2018.
10. AAVV (2019), La digitalizzazione della consulenza in materia di investimenti finanziari, http://www.consob.it/documents/46180/46181/FinTech_3.pdf/64bcf8bd-7fda-4...
a) Lectures are complemented with seminars and tutorials. Students are expected to take actively part to classes, discussing during the lectures the materials provided for the course.
b) Specific group works will be assigned to develop the research and re-elaboration skills for given focus on topics covered by the course.
c) The course includes a visit to an operational headquarter of a financial intermediary.
Classes allow a direct interaction with students that can pose questions and can be questioned about cases and specific issues.
Teamwork aims at providing a critical analysis tool and to cope with the team work on the issues covered by the Course Content.
The visit allows the students to enter in contact with the daily operations of intermediaries, that can provide technical and practical updates on specific issues of the course.
Other materials (slides of the lectures, tutorials and study materials) will be progressively available online on e-learning platform.
No other teaching materials (handouts, summaries, etc..) are authorized by the teacher.
Office hours are indicated on the web page of the Department.