In the last decade, there has been significant growth in asset management in a context of strong regulatory and strategic discontinuity. The provision of investment services and collective asset management are among the main activities of the securities industry, whose value chain starts from the demand for securities brokerage services and ends with the completion of the exchange (inner industry). In Italy, bank-insurance groups play a crucial role in the production and distribution of asset management services. The aim of this paper is to analyse the role of asset management services with respect to the overall profitability combinations of Italian banks using a sample of listed commercial and asset gathering banks.
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