You are looking back at a career spanning 25 years in wealth management. What attracted you to become a private banker in the first place?

I began my career as a bond trader, and after a few years, I saw an opportunity to transition into wealth management – or private banking, as it was known back then. The industry has undergone significant transformation since. Looking back to the early 2000s, we were just starting to develop and replicate the service models that Swiss banks had successfully implemented in their domestic and international markets. At that time, Italy had a notable gap in both skills and service models. As private banking originated in Switzerland, I firmly believe that the Swiss service model remains the gold standard for meeting the complex needs of wealthy individuals.

This year, you are starting a new chapter with Julius Baer’s onshore market entry in Italy. What made you accept this challenge?

Two key factors stood out to me: the brand’s reputation and its service model as a pure player in wealth management. To succeed in a highly competitive market like Italy, it’s crucial to have a strong brand with a solid reputation, as well as an innovative and comprehensive service model that can provide clients with peace of mind when entrusting us with their assets or seeking guidance on strategic matters, such as wealth planning or exploring business opportunities. The chance to introduce a renowned brand like Julius Baer to the Italian market was a challenge I was happy to accept.

What kind of clients would you like to welcome to Julius Baer’s Milan office?

Our primary focus is on high net worth and ultra high net worth individuals. In Italy, this typically includes entrepreneurs and their families, who form the backbone of the country’s industrial landscape.

Would you describe Italy as a country of entrepreneurs?

Absolutely. The strength of the Italian economy lies in its over 10,000 mid-cap companies, which generate between 50 and 500 million euro in revenue and drive the country’s economic growth. Unlike countries like France, which is characterised by large corporations with high revenues and substantial market capitalisation, Italy’s economy is built on a foundation of small and medium-sized enterprises. This is deeply ingrained in the DNA of Italian entrepreneurs, who often start small businesses and nurture them into successful ventures, particularly in regions like Emilia-Romagna, Veneto, and Lombardy, which collectively form the country’s economic powerhouse.

What are the primary challenges that entrepreneurs in Italy face?

In my view, there are two main hurdles: internationalising their businesses and embracing digitalisation. To expand globally, companies need to reach a certain scale that enables them to compete effectively beyond Italy’s borders. While Italy is a significant economy within the Eurozone, the real challenge lies in competing in the global marketplace, particularly in the manufacturing sector, where Italy’s economy is heavily reliant on exports. This is where Julius Baer can add value: once entrepreneurs have achieved a critical size, they must assess strategic decisions, such as whether to continue investing in the company, explore capital markets, or consider a sale. Our goal is to be a trusted advisor, providing a sounding board for entrepreneurs to evaluate their options.

Given Julius Baer’s history as a family-owned business for 115 years, does this create a cultural affinity with your clientele?

Indeed, it does. When our clients interact with our bankers, they appreciate having a counterpart who genuinely understands the needs of entrepreneurs, many of whom are family-business owners in Italy. Typically, entrepreneurs have a significant portion of their personal wealth tied up in their business, so they tend to be conservative with their private investments, seeking asset allocations that protect their wealth. As a result, they require a stable and reliable partner. Our Swiss heritage, combined with our international presence and seven global booking centres, gives us a distinct competitive edge.

As Italy emerges as a startup hub, leveraging its rich industrial legacy, can we expect a new wave of wealthy individuals to arise from this ecosystem?

I think so. Over the past decade, the Italian ecosystem has undergone a profound transformation, largely driven by digitalisation. A new generation of entrepreneurs is entering the market, which is highly receptive to innovative ideas. For us, this means adapting to serve this new type of client digitally. While they still value the availability of their private banker 24/7, they also expect to be able to interact with the bank digitally, receiving the same level of service as they would in person at our offices.

Do younger entrepreneurs tend to approach wealth management differently compared to traditional family businesses?

While every client is unique, with their own risk tolerance, it’s clear that newer generations of entrepreneurs often have a distinct perspective on risk capital compared to their predecessors. They tend to be more curious and open to exploring new investment opportunities, particularly in the private markets sector. Once again, Julius Baer is well-positioned to serve as a trusted advisor in the Italian market, thanks to our extensive range of alternative investments and private market offerings.

In recent years, Italy has become increasingly popular as a destination for wealthy foreign individuals. What’s driving this trend?

Italy offers a compelling combination of lifestyle, climate, infrastructure, and a business-friendly environment, making it an attractive choice for affluent individuals. With a remarkable 60 UNESCO World Heritage sites – more than any other country in the world – Italy is a treasure trove of history, art, and culture. The country’s Mediterranean climate, delicious cuisine, warm hospitality, and growing stability all contribute to its allure. Additionally, Italy’s improving investment landscape is drawing in new residents. As a result, it’s no surprise that an increasing number of wealthy individuals are choosing to call Italy home.

Source: ISTAT