"The generational shift will lead to more women managing vast wealth".

"The next great generational shift in wealth is happening as we speak. Statistically, over the next 25 years about$85 trillion in diversified assets will pass from one generation to the next, and the number of women who will become owners of this wealth will grow more and more. Over the last decade we have already begun to observe this trend of increasingly 'diversified' beneficiaries in our client base'. This was the words of Jean Altier, head of managed strategies and ally chair of the Lgbtq+ council of Goldman Sachs Private Wealth Management, in Milan for the event "In The Lead", which brings together the firm's female clients, led in Italy by Alberto Cirillo

"In more than30% of our clients in Italy, women occupy relevant positions either as investment decision-makers or as wealth beneficiaries. This is already a considerable percentage that is steadily increasing,' continues Altier, who points out that more than half of the wealth management partners at Goldman Sachs are women.

The manager also emphasises that there are no major differences in investment readiness between men and women, so much as more nuances to respond to: 'Men tend to focus more on short-term returns, while women maintain a long-term focus. This is one of the reasons why women are more interested in illiquid investments in private markets'. Specifically then: 'Women prefer to invest at least part of their capital in strategies that have a greater sensitivity to environmental protection, social issues or governance issues. In particular, environmental protection is a theme that comes up very often in our conversations with clients, as well as with younger generations,' notes Altier, who adds: 'Women are also often interested in discussing trusts and estate planning, as well as philanthropic initiatives.

Looking at market developments globally, Altier clarifies Goldman Sachs Pwm's position: "We are optimistic about the future growth of global economies, with more growth expected in the US than in Europe. We also continue to have a positive view on financial markets, even after the strong equity market rallies we have witnessed in recent months-we therefore maintain our position from the beginning of the year. Clearly we recognise that there are many risks, especially on the geopolitical front. But, since it is very difficult to anticipate their evolution with certainty, until they begin to have an impact on the real economy, we will not change our expectations.

Turning to the private wealth management sector, the near future may hold a number of M&A activities according to Altier: 'It is a very fragmented sector and we expect a wave of consolidation for several reasons: regulatory issues, capital requirements, which make it very costly for smaller companies to move in the global competitive environment. There are also very few providers that focus exclusively on high net worth clients and offer a global presence: this is increasingly important as financial markets become more and more connected and clients demand global portfolios," points out the manager, who concludes: "As far as the development of our platform is concerned, we are engaging with clients: the level of specialisation will continue to grow and we are convinced that female clients will continue to be one of the most attractive segments we target.