Teaching code

4S006070

Academic staff

Emanuele Maria Carluccio, Paola Bergamin

Coordinator

Emanuele Maria Carluccio

Credits

9

Also offered in courses:

• Private banking of the course Master’s degree in Banking and Finance

Language

Italian

Scientific Disciplinary Sector (SSD)

SECS-P/11 - FINANCIAL MARKETS AND INSTITUTIONS

Period

Secondo semestre LM dal Feb 17, 2025 al May 23, 2025.

Courses Single

Authorized

Lessons timetable Moodle Seminars 0

Learning objectives

The aim of the course is to focus on the way financial intermediaries manage the private banking and wealth planning activityies.
While the first part of the course, devoted to private banking (for 6 credits), focuses on the analysis of models/metodologies/tools that are used in the investment advisory services to private customers, the second part of the course, devoted to wealth planning (for 3 credits), focuses mainly on asset protection services for both private and corporate customers.

Prerequisites and basic notions

For the module related to private banking, the basic notions acquired in the courses of financial markets and financial intermediaries and in the course of bond porfolio management in the first semester of the master's degree. For the module related to wealth planning part, the basic notions acquired in the three-year degree in the course of private law.

Program

A. PRIVATE BANKING
1. The advisory service to private investors: the service and the different players active on the italian market
2. The independent advisory service compared to non-independent advisory service and the related remuneration schemes
3. The rules and regulations affecting the advisory service: from the assessment of the client's risk profile to the product governance
4. The strategic asset allocation process: the limits of the Markowitz model and possible alternative solutions
5. The tactical asset allocation
6. The evaluation of mutual investment funds: mapping and ranking
7. From benchmark portfolios to multimanger portfolios of products
8. The performance measurement and attribution model
B. WEALTH PLANNING
9. Portfolio protection, inheritance law and legal constraints on the circulation of assets
10. The "patto di famiglia", the "fondo patrimoniale" and the destination constraints
11. The company as a "cassaforte di famiglia"
12. The trust
13. Insurance products solution
14. The fiduciary mandate

Didactic methods

The course includes, alongside traditional lessons, some seminars held by experts working in the financial sector.

Learning assessment procedures

The exam will be held in written form. For those who attend the 6-credit course, the test will focus exclusively on the first part of the program devoted to private banking and will consist of around twenty multiple choice and a couple of exercises. For those who attend the 9-credit course, the test will focus on both the first part of the program devoted to private banking and the second part devoted to wealth planning and will consist of around thirty multiple choice and three exercises/cases.

Evaluation criteria

The written exam aims to verify the Student's ability to critically analyze the topics covered.

Criteria for the composition of the final grade

For those who follow the 6-credit course, the grade will be given by the evaluation of the part of the exam devoted to private banking. For those who follow the 9 credit course, the grade will be given by a weighted average of the grade of the private part (2/3) and the wealth planning part (1/3).

Exam language

italiana