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Salone del Risparmio 2026

Certificates in the current global market scenario
03.06.2026
fruition time: 12 min
Gian Marco Salcioli, Head of Global Markets Strategy





Again this year, Intesa Sanpaolo’s IMI Corporate & Investment Banking Division took part in the Salone del Risparmio, the three-day event organised by Assogestioni and dedicated to the asset management industry.

The event continues to be an important opportunity for dialogue between representatives of Italian and European institutions and the sector’s key players.


 

GEOPOLITICS AND MARKETS


Among the events on the first day, IMI CIB was the protagonist of a conference focusing on  scenarios and investment products.  

Markets have recently placed greater emphasis on expected earnings than on geopolitical risk; indeed, equity markets are at record highs, whilst bond markets have adjusted their valuations in line with new inflation expectations.


 

INTESA SANPAOLO AND INVESTIMENT CERTIFICATES

 

Within the investment product sector, a certificate is a savings account instrument which, thanks to its flexibility, enables a consistent and timely response to investors’ needs.

Intesa Sanpaolo plays a key role in the certificates market both in Italy and across Europe. In 2025, it has been the issuer with the highest market share, exceeding approximately 50%.

In this video, Gian Marco Salcioli, Head of Global Markets Strategy, and Andrea Napolitano, Structured AM Investments & Listed Products of Intesa Sanpaolo’s IMI Corporate & Investment Banking Division, share their insights.

 

DATA SOURCE: ACEPI  

VIDEO TRANSCRIPTION

Once again this year, Intesa Sanpaolo’s IMI Corporate & Investment Banking Division took part in the Salone del Risparmio, the three-day event organised by Assogestioni and dedicated to the asset management industry.

The event continues to be an important opportunity for dialogue between representatives of Italian and European institutions and the sector’s key players.

At the Salone, attendees share experiences, showcase their expertise and keep up to date with regulatory, tax and operational issues in a constantly evolving world.

Among the events on the first day, IMI CIB was the protagonist of a conference dedicated to investment products.  
 

 

Gian Marco Salcioli  

Head of Global Markets Strategy, IMI CIB Division, Intesa Sanpaolo

Markets have recently been focusing more on expected earnings than on geopolitical risk. In fact, equity markets are at record highs; although, to be honest, geopolitics remains in the background, there are stagflationary risks of slowing growth and even rising inflation, which have begun to be priced in, particularly at the short end of government bond yield curves. However, in the overall context, the risk remains relatively under control, with prospects of a truce and peace, albeit in a context that remains highly complex.

 

Andrea Napolitano

Structured AM Investments & Listed Products, IMI CIB Division, Intesa Sanpaolo

Intesa Sanpaolo plays a key role in the certificates market both in Italy and across Europe. We are founding members of ACEPI, the association for Italian certificates and investment products, which brings together the leading issuers and market players. In 2025, we were the issuer with the highest market share, exceeding approximately 50%, which enabled us to become market leaders, thanks above all to our continuous evolution, which we use to create valuable relationships with end clients.

A certificate is a savings account instrument which, thanks to its flexibility, enables a consistent and timely response to investors’ needs. Thanks to the ability and possibility of structuring the certificates with different features – whether in terms of coupon payments or direct exposure to the underlying investment – they are able to meet the current market needs.

Timeliness is another key aspect of certificates which can be issued quickly, they enable investors to respond precisely and consistently to the current market situation. In addition to providing exposure to asset classes that can tend to be expensive and/or difficult for private investors to access.

The 16th edition of the Salone in Milan has now ended successfully, attracting over 20,000 visitors and online participants, and featuring a rich programme of conferences, professional training sessions, opportunities for dialogue with the authorities, and round-table discussions on the industry’s key trends.

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