Private Banking confirms itself as a growth engine for the Italian financial system. The first half of the year closed with a plus sign and an increase in assets above 1,300 billion euros. This is what emerges from the half-yearly report of the Study Center of the Italian Private Banking Association (AIPB).
“Italian Private Banking continues to grow and strengthen its position in the country’s financial system. Having exceeded 1,300 billion in assets under management, thanks to the balanced contribution of funding and markets, demonstrates the solidity of our model and the centrality of professional consultancy, which remains the distinctive element of our industry, in a complex economic and geopolitical context”, underlines Andrea Ragaini, President of AIPB.
Positive second quarter
Assets under management as of 30 June 2025 stood at 1,317 billion euros (+2.4% compared to 1,286 billion as of 31 March 2025). In the second quarter, growth was supported by two main factors: net funding, which stood at +14 billion (+1.1%), in line with the previous quarter, and the return of a positive market effect, with a contribution of +15 billion (+1.1%), after the contraction recorded in the first quarter (-3 billion). Changes in scope, however, had a marginal role (+0.1%).
Half-year confirms moderate growth
The half-year also highlights a positive dynamic, with an overall increase in assets of +4.8% compared to the end of 2024, in line with the moderate – but constant – growth trend of the industry. On an annual basis (June 2024 – June 2025), managed assets increased by 120 billion euros (+10.1%), driven mainly by net collections (+49 billion), followed by the market effect (+43 billion) and organizational changes of operators (+29 billion).
The driving role of managed savings
The analysis of the portfolio highlights, in the second quarter, a balanced growth between the sectors: the managed sector marks the highest increase (+2.9%), followed by the administered (+2.8%), insurance (+1.9%) and direct deposits (+1.0%). In terms of products, mutual funds lead the increase (+8.6 billion), followed by bonds (+5 billion), insurance products (+4.7 billion) and asset management (+4.1 billion). Shares (+2.4 billion) and ETFs (+1.8 billion) also grew, while liquidity recorded the smallest increase (+0.4 billion).
In the half-year, the composition of the asset mix shows substantial stability: mutual funds remain the main sector (22.8%), followed by liquidity (12.7%), asset management (12.2%) and insurance (18.9%). The overall bond components (government bonds, bank bonds and other bonds) account for 17.2%, while shares remain at 11.3%.
Finally, the data as of 30 June 2025 shows the growth of fee only consultancy (from 2.8% in June 2024 to 3.7%) and fee over consultancy (from 12.8% to 15.6%). While consultancy based on relegations alone stands at 80.6% (it was 84.4% a year earlier).
