Global players top Italian intermediaries’ brand rankings

Between September and December 2025, we surveyed 152 financial intermediaries in Italy. The study explored brand perceptions, aiming to identify drivers behind propensity to buy, including brand awareness, perceived ability to generate returns and the brand values that matter most to fund selectors.

The findings from the Italian chapter of the 2026 Global Brand Survey shows that the Italian financial intermediary market is led by a small group of global asset managers. The top four (global) brands achieved Brand Equity Index scores of over 90, with the next six brands scoring between 70-90. Notably, only one Italian asset manager featured in the top ten, albeit at 10th position.

Global giants dominate top of mind

This dominance is echoed in unprompted brand recall. Across 157 unique brands and 2,629 total mentions, the top-ranked (global) brand was recalled by 7 out of ten (68.7%) respondents, with the second, third and fourth placed brands recalled by 62.7%, 59.3% and 50.7% respectively. A solid second tier of six global asset managers were recalled by more than 25% of respondents. At the other end of the spectrum, 60 of the 157 brands were mentioned by only a single respondent, illustrating just how concentrated mindshare is at the top.

Quality drives purchase intent

A correlation analysis confirms that perceived quality is the most powerful driver of purchase intent in Italy and its strength has increased since 2023. Brand familiarity and top-of-mind recall follow closely, suggesting that brands widely recognised for their expertise across asset classes or management styles are well positioned to attract inflows in 2026. Familiarity and recall are also highly correlated with perceived quality itself, illustrating the interconnectedness of these brand factors.

"There is a need to use effective and efficient long-term strategies and not place products. The product is the ultimate consequence of proper client planning. There is also a need for global, cap-weighted strategies in equity solutions, not always and exclusively geographical and sector-specific ones, because they add too much volatility unnecessarily." - Financial adviser, Italy

"Tried and tested" and "qualitative" are the brand values that matter most

When analysing the brand values data, it’s clear that Italian intermediaries prioritise reliability over innovation and speed. Being perceived as "tried and tested" shows the strongest positive correlation with propensity to buy, while "curious or imaginative" is the most negatively correlated of any value. Being seen as "qualitative" rather than "quantitative" is second only to "tried and tested" in its association with purchase intent, and the strength of this correlation has grown since 2023.

What intermediaries value and what frustrates them

Qualitative feedback highlights what asset managers are getting right and where gaps remain. Respondents value reliability, established brands and long track records, alongside breadth and quality of product ranges, particularly niche solutions and strong fixed income and ESG capabilities. Responsive sales teams, clear communication and practical training are cited as meaningful differentiators.On the negative side, frustration with communication practices stem from content that is unclear, inconsistent or overly marketing-driven. Product concerns include limited ranges, high costs and underperforming funds, while some brands are seen as impersonal or insufficiently differentiated.

Allocation intentions and the rise of Active ETFs

Looking ahead, Italian intermediaries plan to increase allocations to emerging market, global and European equities, as well as private equity. Active ETFs are a standout theme in our research. ETF usage is very high overall at 84%, and among ETF users, 74% are already using active ETFs. Interest is set to grow further, with 42% of respondents planning to increase client exposure to active ETFs against only 8% planning a reduction.

Key takeaways

• Italy's intermediary market rewards credibility, consistency and depth of expertise.
• Large global managers dominate brand equity and recall, and the values that resonate most, ("tried and tested" and "qualitative"), confirm that Italian intermediaries back proven performers.
• For asset managers seeking to grow in Italy, sustained brand presence, high-quality products and strong relationship support are the foundations for competing effectively.

About Aureum Y

Aureum is Fundamental Group’s dedicated Research and Insights division, built on more than two decades of specialist experience in global investor research across individual, intermediary and institutional investor audiences. With extensive quantitative and qualitative capabilities, the team has delivered 250+ survey projects across 15+ audiences, managing a panel of 100k B2B professionals and tracking 3,600 media titles and 1,800 brands. Operating across 12 markets from four international offices, Aureum provides rigorous, culturally attuned insights that help asset management companies understand their audiences, refine their strategies and stay ahead in an increasingly competitive landscape. To access our flagship Global Brand Survey (GBS) insights contact [email protected] and follow us on LinkedIn to keep updated on the latest news.