MERCATI FINANZIARI E WEALTH MANAGEMENT
- Overview
- Assessment methods
- Learning objectives
- Contents
- Full programme
- Teaching methods
- Contacts/Info
Prerequisites
There are no prerequisites. However, an understanding of the course content is facilitated by a good basic knowledge of the economics of financial intermediaries.
How to verify learning
HANDOUTS OR RECORDINGS OR LECTURE NOTES ARE NEITHER PROVIDED NOR AUTHORISED.
The compulsory examination texts are indicated on the course e-learning page.
The slides used during the lectures and any additional material will also be made available on the course e-learning page.
The in-presence examination consists of a 2-hour written final examination consisting of 6 open-ended questions. In order to pass the examination, a mark of at least 18/30ths is required.
The examination may be taken in two parts: the first intermediate examination is scheduled at the end of the first semester and consists of a 40-minute written examination with 2 open-ended questions in the case of a face-to-face examination.If the student passes the first part (mark of at least 18/30), he/she will take the second intermediate examination at the end of the second semester; this second examination takes the form of a written test lasting 80 minutes with 4 open questions in the case of an examination in the presence of the student.In the event of failure to pass the first intermediate examination.
In the event of failure to pass the first intermediate examination, the examination will be taken as a whole in the normal examination sessions.
The lecturer assesses positively: the ability to discursively organise knowledge; the ability to critically reason about the study carried out and the depth of analysis; the quality of exposition, competence in the use of specialist vocabulary, effectiveness and linearity of argumentation.
Learning objectives
The course provides the elements of knowledge of the role of financial markets and financial intermediaries operating in the markets for the purpose of issuing, trading and managing financial instruments.
In this perspective, the following are examined
- the characteristics and purposes of financial instruments, including complex ones, and of financial markets;
- the processes of issuing, trading and listing securities;
- wealth management services, with particular reference to portfolio and investment fund management, real estate management, insurance and pension planning, and art advisory;
- the operational solutions and distribution methods adopted by financial intermediaries (SIM, SGR, Private Bank, Fintech and digital platforms).
EXPECTED LEARNING OUTCOMES
At the end of the course, students will be able to:
1. know and understand the funding and investment purposes that can be pursued through the use of basic and complex financial instruments;
2. know and understand the functioning of financial markets (regulated and unregulated) and the role played on financial markets by supervised financial intermediaries and other financial operators
3. deal with and manage autonomously the management issues related to investment and wealth management choices
4. critically evaluate prospective management solutions;
5. acquire an advanced technical vocabulary
Contents
1. The role of the financial system and the financial markets: the answers to the financial needs of enterprises and the investment needs of households; the problems related to the procurement of financial resources by Italian SMEs and possible market solutions. The innovations introduced by the development of financial digitalisation and by FinTech and Big Tech companies: the expansion of direct financing and investment circuits and regulatory issues.
2. The basic, complex and innovative financial instruments.
3. The financial intermediaries in the direct channel and the services offered:
the intervention of intermediaries in primary market operations (capital increases, placement of securities, public offerings of shares);
trading services offered through traditional and alternative trading systems;
the advisory and investment management services in securities: individual portfolio management (GPM) and collective asset management (investment funds);
4. Financial markets: types and organisational forms; functioning of open markets.
5. Portfolio management:
(a) Strategic, tactical and dynamic asset allocation. Market timing and stock picking.
(b) Absolute and relative return management. Asset management: active and passive securities portfolio management styles and techniques.
c) Fundamental analysis and technical analysis: their contribution to portfolio management.
(d) Investment appraisals: characteristics and functions of benchmarks; pure and compound benchmarks; tracking error; manager selection; portfolio performance; fund performance appraisal and NAV evaluation.
6. The main types of investment funds (open-ended and closed-end) and management objectives. The role of the depositary. The contents of the prospectus. Client commission policies. Alternative investments and structured products: hedge funds; socially responsible investment (SRI).
7. Wealth management
a) The private banking sector: types of operators and business model.
b) Strategic positioning choices and organisational repercussions.
c) The role of the relationship manager.
d) Customer profiling and segmentation: traditional and alternative criteria.
e) Customer value: contents and objectives of personal financial planning.
8.Products and services in private banking: the advisory process; asset management; insurance and pension services; real estate asset management services; art advisory.
9. Hints on the evolution of markets and market instruments in the light of digitalisation processes: robo advisors and robo for advisors; I.C.O. (Initial Coin Offerings); S.T.O. (Security token offering); crypto assets.
See "Content"
Teaching methods
a) Face-to-face lectures, unless otherwise indicated on the University website. Students will actively participate in teaching, discussing the material covered in the examination programme during the lectures. The face-to-face lectures allow for direct interaction with the students present, who, following the lecturer's explanation, can ask questions and in turn be prompted on specific cases and issues.
b) Exercises (supplementary teaching). The tutorials allow certain topics to be examined in depth. In particular, in the second part of the course, 10 hours of exercises are scheduled with the aim of deepening the models and techniques of portfolio management, asset allocation and performance measurement of an investment portfolio from an operational point of view. The active involvement of students in the development of case studies will enable them, also thanks to the intervention of financial market operators, to deepen their data analysis and reasoning skills.
The active involvement of students in the development of case studies will enable them, also thanks to the intervention of financial market operators, to deepen their data analysis and reasoning skills.
c) Seminar meetings and off-site teaching activities. These activities facilitate the development of transversal skills and allow contact with operational realities capable of offering technical and practical updates on the topics covered by the course. Information on the conduct of these activities is provided on the course e-learning page.
Other information
Opening hours are indicated on the lecturers' web page on the University website.