Strategy

Goldman Beefs up Italian Private Client Business, Appoints New RM

Contributing Editor 10 May 2005

Goldman Beefs up Italian Private Client Business, Appoints New RM

Goldman Sachs has added an additional member to its Italian private client team based in Milan and indicates that it is targeting strong gro...

Goldman Sachs has added an additional member to its Italian private client team based in Milan and indicates that it is targeting strong growth in the Southern European country. Chiara Palmieri joins a team of five other relationship managers targeting the private client market in Italy. “This indicates we are beefing up our Italian private client operations,” a spokesman in London for the bank told WealthBriefing. The Italian wealth management sector is one of the most hotly fought over in Europe. In recent weeks the local market has witnessed a number of high profile moves among the major players in the sector. Last week two senior relationship managers in the Italian desk of Morgan Stanley announced they were leaving to set up on their own. A few weeks before a team of private bankers left Citigroup Private Bank in Milan to join Pictet’s Italian operation. “The Italian wealth management market is been keenly fought over, but few appear to be getting the business model right. This partly explains the amount of movement in the recruitment market there—those looking to build a business are trying to hire what they perceive are the best asset gathers,” a London-based wealth management recruitment specialist told WealthBriefing.

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