Italian Asset Gatherers: What to watch in Q2-26 results

Research evidence excerpt

Italian Asset Gatherers: What to watch in Q2-26 results

Barclays | Italian Asset Gatherers

Risks

Generic risks for all asset gatherers include a possible economic downturn, affecting the sector’s

ability to generate revenues, or a global market sell-off that would put pressure on AUM. In

addition, new regulation could impose restrictions on capital and/or pricing levels and require

additional disclosure, which would also affect returns.

Azimut

Specific downside risks: 1) fee pressure in one or more geographies; 2) persistently low level of

inflows in Italy; 3) further requests from fiscal authorities concerning allocation of revenues and

costs in Italy vs. abroad; 4) negative operating jaws from investment abroad; and 5) inability to

attract new FAs. Specific upside risks: 1) higher margins / inflows from the partnership with

UCG; 2) higher-than-expected inflows in Italy; and 3) stronger proceeds from new initiatives

abroad and/or in alternative products.

Banca Generali

Specific downside risks: 1) potential margin compression from the Swiss business and/or

changes in the Italian business asset mix, 2) inability to attract new FAs, 3) further requests from

fiscal authorities concerning allocation of revenues and costs in Italy vs. abroad, 4) higher costs

from the Swiss business launch, and 5) potential overhang if main shareholder Generali were to

reduce its stake in BG.

Fineco

Specific downside risks: 1) fee pressure linked to product mix, 2) higher costs from new revenue

initiative launch, 3) slowdown of brokerage business. Specific upside risks: 1) greater-than-

expected ability to convert excess deposits into AUM, 2) higher-than-expected inflows linked to

a higher number of new FAs, 3) stronger proceeds from new initiatives (UK) and new revenue

lines.

Mediolanum