Banca Mediolanum, the live convention is back
Back live after 3 years of forced stop la Banca Mediolanum conventionthe first without its founder Ennius Doris. The event, which brought over 5,000 spectators including family bankers, top managers, employees and guests to the Pala Alpitour in Turin, comes at a complex time for the managed savings“crushed” by the competition from government bonds and by the uncertainty linked to the war in Ukraine which is driving many savers to postpone their investments.
Growth by internal lines
A challenging economic scenario but which has not affected the accounts of the group led by Massimo Doris: In the first quarter 2023Banca Mediolanum has registered assets under management of €108.7 billion, 1.7 million customers with over 6,000 family bankers. “In the coming years the bank will continue to grow internallyDoris pointed out. “We are not interested in acquisitions or mergers but the goal is to accelerate our growth”.
On the possible landing of big tech on the European market, in the wake of Apple’s deposit account in the US, for Doris it is “an additional difficulty which, however, will push us to do better. In the future, these platforms will be few, huge, with many customers given the very low margins, but based on the most recent analyses only 20% of the market is interested in purely online services”.
Doris also asks “freedom of choice” with regards to inducements. The European Commission under the so-called Retail Investment Strategy will communicate its guidelines on 24 May retrocession commissions which, at first, Brussels wanted to completely ban. “I wonder why cancel a system that works, I’m against it,” says Doris. “I believe, however, that we need transparency in costs but also freedom of choice on the part of the customer. If you want to spend little, there are platforms, otherwise if you want a professional you have to pay for it”.
The new products
The event was also an opportunity to present new products. They will be available from May 19th 3 new equity segments of Mediolanum Best Brands (Mediolanum Future Sustainable Nutrition, Mediolanum India Opportunities and Mediolanum Global Equity Style Selection) dedicated to some issues that are shaping the future of our planet.
Also, to take advantage of the current success of remunerated accounts, from 19 May to 30 September Double Chance and Double Value under certain conditions, they will make it possible to obtain up to 5% of gross annual remuneration on the liquidity present in the account and on new deposits.
The macroeconomic scenario
The view on the macro front and the banking crises was also positive. For Victor GaudioAsset management development director of Banca Mediolanum, “the one of these weeks it is not a banking crisis. It’s a banking crisis. This is not a play on words: today the stability of the system is not in doubt. We are in the final phase of the rate hike by central banks and, after a period of stability, we hope that the decline will begin in 2024″.
L’bond will continue to give satisfaction, but the focus stay on the stock. “We are undergoing one of the longest bear markets in history, with 16 months of negative market” underlines Gaudio “but a new cycle of increases is being prepared because there is growth, companies are making profits. Rates have reached their peak and on average after 12 months of pause we have significant growth on the stock markets”.