Women, wealth and teamwork – the future of finance in Italy

Article published in WeWealth, 23 March 2022

In recent decades, the role of women in finance has grown – more women now work in the industry, and more hold senior positions. The number of female clients has also risen, with women increasingly involved in managing family wealth or gaining independent wealth through successful entrepreneurship.

Continuing this trend, Lombard Odier Group’s private client office in Italy is now female-led, following the appointments of Alberica Brivio Sforza as Managing Director for Private Banking in Italy, and Manuela Maccia as Head of Product Offering Europe and Senior Portfolio Manager for Italy. Both bring with them strong experience in wealth management and an established presence in Italian finance – Brivio Sforza spent five years at BNP Paribas as Head of Wealth Management, followed by five years as Director of Wealth Management at JP Morgan International in Milan; while Maccia joins Lombard Odier following roles as Director of Financial Products and Services for Wealth Management at BNP Paribas in France, and as CIO for BNL BNP Paribas in Italy.

Here, Alberica Brivio Sforza and Manuela Maccia discuss the Lombard Odier Group’s strategy for growth in Italy, the rise of women in the financial industry, and the importance of teamwork.

Setting strategy

The bank has two strategic objectives for 2022, Brivio Sforza explains. “The first objective is to strengthen the sales team in Italy by adding strong skills. Manuela Maccia is the main example, but we have also hired other resources and are continuously interviewing bankers who could join us in the coming months. The second objective is brand awareness in Italy, and increasing the understanding of what makes us distinctive. So when I joined we met directly with our main stakeholders – family offices, law firms, accountants, tax experts – but we also met with banking competitors with whom we collaborate. And we also met with the clientele, of course.”

The Group’s offering of investment products and solutions in Europe will focus on illiquid and alternative financial instruments, and there will be a close partnership between the branches in France, Spain, Luxembourg, Belgium and the United Kingdom, Maccia says. “The idea is to capitalise on my past experience and to build on it with all the expertise there is in Switzerland. And we need to adapt that expertise to the needs of a high-end clientele. In 2022 we will have to navigate volatility – the central banks have changed their tone and approach. This does not detract from the fact that from a fundamental analysis point of view, the macroeconomic, earnings growth environment remains positive.”

Consequently, Maccia explains, in order to help clients come through this phase unscathed, it will be necessary to build a well-balanced asset allocation that is positive on riskier assets (in the equity markets and beyond), and focussed on value management styles with more selective sector choices. “Diversification is key, from commodities to real estate and from infrastructure to private assets.” Maccia is also committed to putting sustainability at the heart of the business, describing it as “a driver of portfolio performance.”

In respect of bonds, she says, “This is the most difficult asset class, paradoxically. However, one of our core beliefs is that value can be found very selectively in high yield, hard-currency emerging markets and Chinese government bonds in particular. The key will be how to structure portfolios that, beyond volatility, can also be indexed to rising inflation.”

Wealth management

In Italy, “wealth management” means different things to different people. For some, wealth management means portfolio management, while others consider portfolio management to be a commodity, and offer extra services such as generational wealth transfer. Lombard Odier’s approach, says Alberica Brivio Sforza, has always been to build a holistic relationship with clients.

“We are talking about a reality that almost resembles a family office and a wealth manager at the same time. In Italy, we are a bit smaller, we do not have all these functions, so today we are more focussed on the portfolio management side. But this doesn’t detract from the wealth of expertise we have. We have professionals with decades of experience, so we are able to talk to clients about wealth planning and also introduce them to the people who will best be able to meet their needs.”