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September 29, 2021updated 21 Jul 2022 12:36pm

UniCredit sets up wealth management and private banking unit in Italy

UniCredit has established a dedicated wealth management and private banking (WM & PB) division in Italy.

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GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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The banking group has appointed Stefano Vecchi to lead the new division, which will cater to more than 140,000 clients with over $117bn (€100bn) in assets.

Vecchi will be responsible for UniCredit’s private banking, wealth management as well as ultra-high-net-worth (UHNW) families and family holdings in Italy.

He will manage a team of over 1,400 employees, half of whom are relationship managers spread around 132 Italian cities.

Additionally, UniCredit’s Italian Investment Management, Investment Services, and Investment Products functions will report to Vecchi and to the Corporate and Investment Banking division, headed by Richard Burton.

Vecchi will work under UniCredit Italy chief Niccolò Ubertalli.

Commenting on the development, Ubertalli said: “By creating a dedicated WM & PB division, the group confirms its attention to the management of HNW and UHNW clients looking for highly personalised services management embedded in the unique offering of a Pan European commercial bank.”

“Stefano Vecchi has a longstanding experience as a top manager in the best companies in the industry. I am confident that his professionalism and deep knowledge of the wealth industry will continue to be key asset for the division and will help us thrive as a bank.”

UniCredit plans to replicate the Italian model in other European countries in a bid to scale up its WM & PB business.

Vecchi will also work to accelerate the adoption of this new business setup across UniCredit’s pan-European network.

Meanwhile, UniCredit WM & PB head Mirko Bianchi is set to leave the firm to pursue new opportunities outside of the group, Reuters reported citing a memo sent by Ubertalli to the staff.

Bianchi who has been with UniCredit for 12 years, has held key roles including that of CFO.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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