Key Takeaways
- • Nicolò Di Giacomo, Head of Family Office at Banor, argues that 70% of the value a family office provides comes from governance, investment policy statements and long-term asset allocation rather than from selecting individual investments.
- • Banor's co-investment due diligence reviewed roughly 100 opportunities, advanced 10 to deep diligence and selected only 3, and families must be among the first 10–20 calls to access the best deals.
- • Di Giacomo sees the next 12–24 months as a test of semi-liquid and evergreen alternative structures, with private credit scrutiny rising and stress there likely signaling trouble in private equity too.
- • Most bullish on selective buyouts and secondaries over a three-year view, with a roughly 60% US / 40% Europe geographic split and no expected edge from regional bets.
- • Expects consolidation among large asset managers and within the Italian family office space, particularly if regulation increases and drives demand for scale.
Summary
In an ION Influencers fireside chat hosted by Giovanni Amodeo, Nicolò Di Giacomo, Head of Family Office at Banor, discussed the evolving asset management landscape, family office best practices and private market trends. The conversation was aimed at ultra-high-net-worth families, investors and finance professionals.
On structure, Di Giacomo said setting up a single family office requires significant resources, infrastructure and talent, often more than families anticipate. Multi-family offices offer a ready-made, scalable alternative with established teams and processes. He noted that in Italy, converting a single family office into a multi-family office is difficult because of differing family investment philosophies and the shift from a service model to a business model.
He emphasized governance as the core value driver. Common mistakes include using several banks with identical mandates, which creates false diversification, and taking a bottom-up "pick the best players" approach without a cohesive strategy. Formalizing rules before market downturns, he said, is essential to maintaining discipline.
On co-investments, Di Giacomo said families must be in the first 10–20 calls to access the best opportunities, since later deals are "picked over." Banor's due diligence process reviewed about 100 opportunities, advanced 10 to deep diligence and selected three. He cautioned families against co-investing without genuine expertise and a competitive network.
On alternatives, he said the next 12–24 months will test the resilience of semi-liquid and evergreen structures, including how they handle volatility, outflows and potential gating. He argued that private credit scrutiny is rising, but that stress in private credit likely signals trouble in private equity as well. His three-year outlook favors selective buyouts and secondaries, the latter for lower dispersion. He expects a roughly 60% US and 40% Europe allocation with no major regional edge. He also anticipates large asset managers will continue gaining share, mirroring post-GFC hedge fund trends, and expects consolidation in Italy's family office space.
Di Giacomo also addressed talent, saying Italy has ample talent but attracting it requires independence, clear growth paths and competitive rewards. He identified grit as the key trait sought and said the private banker's role will shift toward high-touch relationship management as AI handles more analytical work.
On structure, Di Giacomo said setting up a single family office requires significant resources, infrastructure and talent, often more than families anticipate. Multi-family offices offer a ready-made, scalable alternative with established teams and processes. He noted that in Italy, converting a single family office into a multi-family office is difficult because of differing family investment philosophies and the shift from a service model to a business model.
He emphasized governance as the core value driver. Common mistakes include using several banks with identical mandates, which creates false diversification, and taking a bottom-up "pick the best players" approach without a cohesive strategy. Formalizing rules before market downturns, he said, is essential to maintaining discipline.
On co-investments, Di Giacomo said families must be in the first 10–20 calls to access the best opportunities, since later deals are "picked over." Banor's due diligence process reviewed about 100 opportunities, advanced 10 to deep diligence and selected three. He cautioned families against co-investing without genuine expertise and a competitive network.
On alternatives, he said the next 12–24 months will test the resilience of semi-liquid and evergreen structures, including how they handle volatility, outflows and potential gating. He argued that private credit scrutiny is rising, but that stress in private credit likely signals trouble in private equity as well. His three-year outlook favors selective buyouts and secondaries, the latter for lower dispersion. He expects a roughly 60% US and 40% Europe allocation with no major regional edge. He also anticipates large asset managers will continue gaining share, mirroring post-GFC hedge fund trends, and expects consolidation in Italy's family office space.
Di Giacomo also addressed talent, saying Italy has ample talent but attracting it requires independence, clear growth paths and competitive rewards. He identified grit as the key trait sought and said the private banker's role will shift toward high-touch relationship management as AI handles more analytical work.
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