Why there has been a sell-off of asset management stocks in Piazza Affari

The storm that hit Italian asset management stocks on 11 February (Medionalum - 9.6%, Fineco-9.05%, BG -7.59%, Azimut -4.49%, Anima -0.58%) seems to be the consequence of how the market is assessing the impact of artificial intelligence on investment advice, without distinguishing between models and markets.

The shake-up came from the US in the wake of the news that start-up Altruist has introduced AI-based tax planning capabilities. There is no denying that AI is also increasingly disruptive in this field. The fear is that if AI gets better at building portfolios, optimising taxation, suggesting allocations and rebalancing, management could become standardised and reduce the value of the professional. But beware: while trading and do-it-yourself are prevalent in the US (it is no coincidence that Charles Schwab is among the most penalised), the Italian asset gathering model has always had its strength in professional advisory through financial advisors.

Of the five listed Italian companies - Anima, Azimut, Banca Generali, Banca Medionalum and Fineco - only the first does not have a network. The other four have in their professionals the engine of growth: consultants and bankers are the centre of gravity for maintaining assets, the effect of a one-to-one dynamic, but also the conduit for organic growth with the acquisition of new flows, with recruitment campaigns increasingly focused on highly experienced professionals. A distinctive trait, this, which has always been a strength of all Italian companies.

It is precisely the networks of advisors that today represent the most dynamic segment of wealth management. As Gian Maria Mossa, Banca Generali's CEO, recalled, "Italia is a unique market where wealth management is still a family affair, where clients seek human contact and not automation, and where the values of advice and privacy are fundamental. The idea that an AI tool can make advisory a commodity in Italia makes no sense at all." "The use of AI is not new to the Asset Management sector, as it has already been used for many years in quantitative analyses that support the definition of investment strategies and/or in defining specific projections on the performance of securities, also with advanced techniques that include ML and Big Data. Since the first advent of Agent AI, the main focus has been on finding ways in which technology could replace human operations, but this perspective is misleading, especially in the asset management industry. AI can speed up operations, but in this industry it remains the person whose judgement and knowledge directs decisions based on processed data and insights,' echoes Giovanni Incarnato, wealth & asset management leader at EY Italia. 'Even if some markets, such as the US and UK, are further ahead in terms of digitalisation and B2C relations, the relationship with a physical person remains central in managing sensitive issues such as life savings, even more so in contexts of great market turbulence such as those of recent years.

 Ironically, the downpour came just the day after the presentation of Azimut's figures, which closed January with inflows never so strong (€2 billion) in its entire history, and on the same day as the presentation of Banca Generali's annual figures with better-than-expected numbers. Not to be outdone was Fineco, which last Friday published record 2025 results. Equita analysts reiterated their "Buy" recommendation on the stock (with a price target of €25.8). On Friday, CEO Alessandro Foti himself had emphasised how much the company is investing in new technologies and AI, which can also facilitate the work of financial advisors. In the same vein also Banca Mediolanum, which showed an operating margin of +10% and such outstanding results that the company rewarded each employee and banker with 2 thousand euro. Not only that. In 2026 it predicts still sustained inflows and an interest margin again up by 10%. In short, healthy companies.