Mps effect on Mediobanca Private Banking: Vagnucci exits

The news of the departure of Alessandro Vagnucci, managing director & deputy head at Mediobanca Private Banking, in short the number two after Angelo Viganò, is bound to leave a mark. The manager reportedly resigned yesterday. Vagnucci, in addition to having an important portfolio, was also a manager who coordinated other professionals who may soon follow his example. Competition pacts are of no use to block these exits, especially when the destination, as the story goes, is a company (Intesa San Paolo Private Banking) capable of coping with this and other exits.

In order to stop the haemorrhaging of exits, it is very likely that the bonus promised by Lovaglio to those who remain will have to be quite substantial. It is worth remembering that when the signs of the Opas effect began to be felt in June, Gianluca Piacenti had left Mediobanca Private Banking, having joined Fideuram as managing director, focusing on the ultra high net worth client segment for central and southern Italy. Piacenti managed a portfolio of around €1 billion and his entry into Fideuram was seen as a strengthening for the wealth management division of the Intesa Sanpaolo group. On the other hand, on Monday the head of wealth at Intesa San Paolo Private Banking, Lino Mainolfi, reiterated that quality recruitment is crucial to continue to grow.

Until before the Opas, Mediobanca Private Banking operated in the field, targeting ultra-wealthy clients (104 bankers, 10 branches, €49.2 billion in assets including Cmb Monaco and an average portfolio of €310 million), headed by Angelo Viganò. Then there is Mediobanca Premier, which caters to affluent and private clients, headed by Lorenzo Bassani, which heads two distribution networks, one of consultants (693) and one of employees (553) (47.9 billion in assets) where, on average, professionals operating out of offices have a portfolio of 31 million. Assets managed by the Wealth Management division on behalf of clients amounted to 112.1 billion (+13% year-on-year) and annual inflows (June 2024/June 2025) were 11 billion.