What Open Capital does

Open Capital Partners SGR S.p.A. is an independent Italian asset management company (Società di Gestione del Risparmio) founded in 2017 by Stefano Boccadoro, former CEO of Santander Italia. Headquartered in Milan with offices in Roma, Torino, and Brescia, the firm serves Italian high-net-worth individuals, family offices, and entrepreneurial families through three core service lines: Advisory (Consulenza), Wealth Management (Gestioni Patrimoniali), and Family Office. It also manages three proprietary investment funds — Open Capital Total Return (fundamental/quality equity), Open Capital Professional (fundamental/quality equity), and Open Capital Opportunity (technical/high-turnover) — and uses DepoBank as custodian for its UCITS-compliant OICR vehicles.

The firm is regulated by Banca d'Italia and Consob and is registered in the UCITS Management Register (n.54). Its revenue model combines recurring management fees on AUM (for both UCITS funds and individual portfolio management), advisory fees, performance fees tied to portfolio outperformance, and family office service fees. Distribution is entirely relationship-driven through dedicated financial advisors and area managers across its four offices, with no digital self-service channel. The technology stack is described as standard portfolio management and CRM infrastructure with no proprietary platform.

The ~40-person team includes professionals from Santander, Banca d'Italia, JP Morgan, UBS, Mediobanca, Deutsche Bank, EY, and top Italian universities, with leadership comprising CEO Stefano Boccadoro, Chairman Giuseppe Sopranzetti (former Banca d'Italia Director), CIO Stefano Bestiani, CFO Gilda Notti, and a board that includes Donato Iacovone (Executive Chairman of Bip Consulting). The firm has no external funding, no M&A history, no disclosed AUM, and no disclosed revenue. An ESG Committee was established by the Board on 2023-05-30.

Name

Open Capital

Legal name

Open Capital Partners SGR SPA

Website

https://www.opencapital.it/

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Open Capital is a financial company that provides consultation, asset management, and business development services.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

Keywords

• Asset management services
• Wealth management advisory
• Family office solutions
• Investment fund management
• Portfolio management services

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Advisory Fees: Commission charged for advisory services provided to clients on their investments and portfolio allocation strategies.
2. Management Fees: Fees applied to assets under management for both collective investment schemes (OICVM) and individual portfolio management. Calculated periodically on the total value of assets under management.
3. Performance Fees: Commission applied upon reaching predetermined objectives in terms of variation in value or return of the managed portfolio.
4. Family Office Fees: Commission charged for comprehensive family office services provided to wealthy families and entrepreneurs.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels1 record

Core offering

Open Capital is an independent Italian asset management company (SGR) offering three core services: Advisory (Consulenza) for strategic investment product selection with a structured planning, control, and wealth protection approach; Wealth Management (Gestioni Patrimoniali) for personalized portfolio management; and Family Office services for protecting, enhancing, and optimizing family wealth and business development. The company also manages three investment funds (Open Capital Total Return, Open Capital Professional, and Open Capital Opportunity).

Product overview

Open Capital is an independent asset management company (SGR - Società di Gestione del Risparmio) offering three core services: Advisory (Consulenza) for strategic consulting with structured approach to investment product selection; Wealth Management (Gestioni Patrimoniali) for specialized portfolio management; and Family Office services for comprehensive family wealth protection and development. The company also manages several investment funds including Open Capital Total Return, Open Capital Professional, and Open Capital Opportunity. Open Capital operates independently from banking or insurance groups, enabling objective investment decisions in clients' exclusive interest.

Differentiator

Problem solved

Functional benefit

Products and services

• Advisory (Consulenza) Strategic advisory service providing support in selecting products from major international investment houses, based on a structured approach focused on planning, control, and wealth protection. Targeted at high net worth clients and families.
• Wealth Management (Gestioni Patrimoniali) Highly specialized wealth management services delivered by a dedicated team capable of personalizing overall asset management for preservation and long-term growth. Includes both individual portfolio management and collective investment scheme (OICVM) management.
• Family Office Family and business development support focused on protecting, enhancing, and optimizing the management of family wealth. Provides comprehensive family office services to wealthy families and entrepreneurs.
• Open Capital Total Return Fund Investment fund managed by Open Capital with a fundamental, quality-focused approach to equity instruments with a medium-to-long-term investment horizon.
• Open Capital Professional Fund Investment fund managed by Open Capital with a fundamental, quality-focused approach to equity instruments with a medium-to-long-term investment horizon.
• Open Capital Opportunity Fund Investment fund managed by Open Capital with a technical investment approach characterized by high trading turnover.

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core.

• DepoBankcoreOthersDepoBank serves as the custodian bank for the company's collective investment schemes (OICR). The company utilizes DepoBank for subscription of fund units directly rather than through electronic platforms.
• IntermontecoreOthersItalian broker specializing in Italian equities market execution. Selected broker for equity trading on the Italian market along with other approved brokers.
• Equita SIMcoreOthersItalian investment bank providing brokerage services for Italian and European equity markets. Selected as broker for ETF trading and primary market operations.
• Banca IMIcoreOthersInvestment bank selected for Italian equity trading and government bond transactions. Provides best execution for Italian government securities at consistent commission rates.
• KeplercoreOthersEuropean broker selected for trading European equities. Part of the broker network for European market access.
• ExanecoreOthersFrench broker selected for European and US equity market execution. Provides access to European and American equity markets.
• MainfirstcoreOthersEuropean broker selected for European equities trading. Part of the approved broker list for European market operations.
• Goldman SachscoreOthersGlobal investment bank used for extra-EU and extra-US equity trading and derivatives. Selected as broker capable of accessing virtually the entire international market.
• JP MorgancoreOthersGlobal investment bank selected for derivatives trading. Put and call options exclusively directed to JP Morgan among approved brokers.
• MedioBancacoreOthersItalian merchant bank selected for corporate bond trading. Has acquired particular expertise in identifying venues that guarantee best price execution for corporate bonds.
• UnicreditcoreOthersMajor Italian bank selected for corporate bond trading alongside MedioBanca. Provides access to corporate bond markets with expertise in venue selection for best execution.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Azimut Holding: Italy's largest independent asset manager operating an integrated advisory, wealth management, and fund platform with multi-billion AUM and broad distribution. Most directly comparable scaled independent SGR to Open Capital, though significantly larger and more diversified.
• Banca Mediolanum: Major Italian banking group with a strong wealth management and advisory franchise serving HNWIs and families nationwide. Comparable target customer base and advisory-led model, but operates within a broader banking platform rather than as an independent SGR.
• Mediobanca (Private Banking): Italian merchant bank with a premium private banking and wealth management division serving entrepreneurs and family groups. Targets the same HNWI and family office segment as Open Capital with a similar high-touch advisory model.
• ANIMA Holding: Leading Italian asset management company managing mutual funds and discretionary mandates distributed through bank and advisor networks. Operates an SGR model with UCITS-registered funds analogous to Open Capital's Total Return, Professional, and Opportunity funds.
• Fideuram (Intesa Sanpaolo Private Banking): Italy's largest private banking network serving affluent and HNWI clients with advisory, portfolio management, and family office services. Competes directly for the same target segment but operates at much larger scale within the Intesa Sanpaolo banking group.
• Cordusio SIM (UniCredit): UniCredit's Italian private banking arm serving affluent clients and family offices with advisory and discretionary mandates. Comparable target segment and premium advisory positioning within a larger banking group context.

Direct peers

• Banca Generali: Italian private banking group specializing in wealth management for HNWIs and entrepreneurs through a network of financial advisors. Closely comparable business model with relationship-manager-led advisory, family office services, and discretionary portfolio management.
• Kairos Partners (Julius Baer): Italian wealth management boutique acquired by Julius Baer, offering advisory, discretionary management, and alternative investment solutions to HNWIs. Comparable independent boutique positioning with similar product set and HNWI focus.
• Symphonia SGR: Independent Italian SGR providing wealth management, advisory, and fund solutions. Recurring reference across Open Capital's management team (multiple partners and PMs previously at Symphonia), suggesting a comparable boutique SGR model serving similar clients.

Emerging players

• Consultinvest Asset Management: Italian asset management firm offering mutual funds and discretionary portfolio management through a network of financial advisors. Comparable mid-size Italian SGR serving retail-affluent and HNWI segments with a fund-plus-advisory model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/opencapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Open Capital