MERCATI FINANZIARI E WEALTH MANAGEMENT
- Overview
- Assessment methods
- Learning objectives
- Contents
- Full programme
- Teaching methods
- Contacts/Info
There are no formal prerequisites for this course. However, a basic knowledge of topics related to Financial Markets and Intermediaries and Corporate Finance may facilitate the understanding of the course content.
No handouts, recordings, or notes from lectures are authorized or permitted. The required texts for the exam are listed on the Leganto platform and on the course’s e-learning page.
Slides and additional studying materials will be uploaded in the e-learning page.
The exam will take place in person and will consist of a written test lasting 1 hour and 30 minutes, including five open-ended questions.
Assessment will be based on reasoning ability, accuracy and completeness of the answers, use of appropriate technical glossary, and the quality of written exposition.
A minimum score of 18 out of 30 is required to pass the exam.
No mid-term exams will be scheduled.
This course provides students with knowledge of the role of financial markets and the financial intermediaries operating, with particular focus on the issuance, trading, and management of financial instruments.
By the end of the course, students will be able to:
* understand the characteristics and purposes of financial instruments;
* understand how financial markets operate and the role played by financial intermediaries and other market participants;
* describe and analyze the processes of issuance, trading, and listing of securities;
* understand and compare wealth management services, with particular reference to portfolio and investment fund management, real estate asset management, insurance and pension planning, and art advisory;
* describe the operational solutions and distribution models adopted by financial intermediaries (such as investment firms, asset management companies, private banks, FinTech firms, and digital platforms);
* address and manage investment and wealth management decisions;
* compare financial products, instruments, and management solutions.
1 The Role of the Financial System and Financial Markets:
* solutions to the firms’ financial needs and households’ investment needs;
* challenges in accessing financial resources for Italian SMEs and market-based solutions;
* the innovations driven by financial digitalization and the emergence of FinTech and Big Tech companies: expansion of direct financing and investment channels, and related regulatory issues.
2. Basic, complex, and innovative Financial Instruments.
3. Direct Channel Financial Intermediaries and the Services Provided:
* the role of intermediaries in primary market operations (capital increases, securities placement, public share offerings);
* trading services offered through traditional and alternative trading systems;
* investment advisory and portfolio management services: individual asset management (GPM) and collective investment management (investment funds).
4. Financial Markets: Types, Organizational Structures, and the Functioning of Open Markets.
5. Portfolio Management:
* strategic, tactical, and dynamic asset allocation; market timing and stock picking;
* absolute and relative return management; portfolio management styles and techniques;
* fundamental and technical analysis and their contribution to portfolio management;
* investment evaluation: the role of benchmarks, and key indicators for performance and risk;
* funds’ performance evaluation.
6. Main Types of Investment Funds (Open-End and Closed-End) and Management Objectives:
* the role of the depositary;
* the content of the offering document;
* fee policies;
* alternative investments and structured products;
* hedge funds;
* socially responsible funds.
7. Wealth Management:
* the private banking sector: types of operators and business models;
* strategic positioning decisions and organizational impact;
* the role of the relationship manager;
* customers’ profiling and segmentation: traditional and alternative criteria.
8. Products and Services in Private Banking.
9. Overview of the Evolution of Markets and Market Instruments due to Digitalization Processes.
See "Content" section.
a) Lectures are normally held in presence. Students are expected to participate actively in the learning process by discussing study materials, case studies, and examples.
b) Exercises (supplementary teaching), aimed at deepening specific topics included in the exam program. In the second part of the course, these sessions will focus on portfolio management models and techniques, asset allocation, and the measurement of portfolio’s performance.
Active student participation in case study analysis – supported by the contribution of financial market professionals – will enhance data analysis skills and critical thinking abilities.
c) Seminars and off-site teaching activities, providing direct contact with financial market professionals and business organizations, offering technical and practical updates on the topics covered in the course. Information regarding these activities will be communicated in class and through the course’s e-learning page.
Some lectures and seminars may be delivered online via the Microsoft Teams platform.
Office hours are reported on the lecturers’ web page on the University website.