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Archive » July / August 2022 » Captive and independent asset managers: profitability and value in the asset management value chain

Captive and independent asset managers: profitability and value in the asset management value chain

Maurizio Polato
July / August 2022 - n. 7-8
Keywords: Sgr, asset management, beta di mercato, efficienza operativa, economic performance, Enterprise Value
Jel codes: G10, G20, G39, G23, M21

After the eruption of the financial turmoil in 2008, financial intermediation has been characterized by a rapid increase of the role of the asset management industry. This paper aims to analyse the determinants of Sgrs' value highlighting the contribution margin and the degree of operational and market risk. More specifically the work proposes an application of the model to Italian investment asset management companies (captive and independent) specialized in the management of open funds and in the provision of management services on an individual basis.

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