How to overcome uncertainty

On the one hand, growing macroeconomic uncertainties, on the other, markets renewing all-time highs. This is the scenario Italian savers are facing. The summer began with a far from reassuring environment, as evidenced by the central bankers' meeting held in Sintra, Portugal, in early July. Monetary policymakers emphasized the weakness of global growth , the impact of geopolitical tensions on investment decisions, and highlighted the risks posed by US trade policy. Tariffs , even when merely waved as a threat and not implemented, risk curbing investment decisions. Further complicating the situation are the increasingly severe effects of the climate crisis : alternating floods and droughts are creating widespread and unpredictable economic damage, impacting agricultural production and energy. Yet, the first half of this year – following what happened last year and beyond – ended with buoyant financial markets, albeit in the face of high volatility.

In this context, the approach of Italian investors is changing. There is a growing need for tools that go beyond protecting capital, but are also capable of seizing the opportunities offered by a rapidly changing market. There is growing interest in transparent, cost-effective solutions supported by qualified advice. A new type of saver is emerging in Italy: more attentive, informed, and sometimes experiencing direct investment in the stock market for the first time. "We are seeing growing interest in the world of investments and—at the same time—in professional advice," says Fabio Melisso , CEO of Fineco Asset Management , a management company controlled by Fineco . This requires greater attention to costs and the quality of available tools. "For our part, we are working to offer truly accessible solutions, even for those approaching stocks for the first time," he adds. "Advisors provide very useful feedback to understand what clients really need, and the products we develop are born from this ongoing interaction. It's a virtuous circle that allows us to respond to the needs emerging from a constantly evolving audience."

Fineco AM currently manages approximately €38 billion in assets. Its strength, Melisso claims, is its ability to combine technological innovation and human interaction. "Even in a period of great geopolitical tensions and market volatility, we don't follow a top-down approach, meaning we don't impose our investment ideas without identifying the end client's real needs. Rather than a commercial model, we prefer one based on the needs we receive directly from savers." This philosophy translates into ongoing dialogue with the network: "Together, we analyze what works, gather customer feedback, and decide which strategies to integrate. This process allows us to constantly refine our offering."

In line with evolving demand, the management company is adding an increasingly rich range of passive solutions to its traditional active funds, particularly various types of ETFs . "We don't believe in the opposition between active and passive," Melisso responds. "These are instruments that can coexist within efficiently constructed portfolios, based on the client's real objectives. The important thing is that they offer transparency, risk control, and a fair cost-benefit ratio." Furthermore, even within financial clones, there is constant innovation. In May, Fineco AM was the first asset manager from an Italian group to launch an active ETF , a solution halfway between a traditional financial clone and a mutual fund. The instrument's underlying asset is the S&P 500 , the world's leading stock index representing the 500 largest Wall Street stocks, and aims to reduce volatility while maintaining exposure to the big names in the American market.

Three more active ETFs arrived in June , offering exposure to global, US, and European equities , respectively. "We believe that active ETFs could become a key tool for building efficient portfolios, even for retail clients, thanks to their flexibility and low costs," explains the manager. "From our perspective, these instruments could replace many investment funds in the future and help expand the audience for managed savings."