Ersel Asset Management

What Ersel Asset Management does

Ersel Asset Management SGR S.p.A. is the asset management subsidiary of the Ersel Group, an Italian private banking and wealth management family-controlled group headquartered in Turin at Palazzo Ceriana, Piazza Solferino 11. The asset management entity was the first mutual fund management company authorized in Italy by Banca d'Italia in 1983 (originally as Sogersel) and manages a range of open-end mutual funds (Fondersel, Leadersel family, Hedgersel, Globersel Global Equity in partnership with Walter Scott), PIR-compliant products targeting Italian mid-caps, Article 8 SFDR ESG funds, and closed-end alternatives including Equiter Infrastructure II, the Ersel Real Estate Fund with Kervis, and the Ersel Private Equity Fund with Fondaco. Its Luxembourg subsidiary, Ersel Gestion Internationale SA, centralizes international wealth management and provides a multi-compartment SICAV/fund structuring platform for cross-border clients. As of 31.12.2025 the Ersel Group reported €22.4 billion in client assets net of intra-group duplications, a CET1 ratio of 40.88%, 340 employees across Italian offices, London, and Luxembourg, and a six-consecutive-year run as Italy's "Miglior Gestore Patrimoniale" per the Quality Seal award.

The group generates revenue primarily through recurring subscription and management fees on funds and discretionary portfolios, with supplementary streams from Lombard credit lending against pledged securities, fiduciary services via Simon Fiduciaria, corporate finance advisory for institutional clients (notably banking foundations and insurance companies), private insurance placement, real estate advisory, and philanthropy advisory. The Ersel Banca Privata S.p.A. parent (formed in 2022 from the merger of Ersel SIM and Banca Albertini) operates as a licensed bank and serves as the primary internal distribution channel, distributing asset management products alongside Ersel PRO (a dedicated channel for professionals and entrepreneurs) and Online SIM (a fintech self-serve platform acquired in 2004 that is a market leader in Italy for online mutual fund investment). Distribution is exclusively internal — the firm operates without an external promoter or third-party network, relying on dedicated private bankers who coordinate in-house and external experts for personalized HNW service. Geographic reach now spans Italy (Turin headquarters, Milan, Padova, Verona, Treviso), London (branch since 2011), and Luxembourg (regional hub since 2019).

Technology investment is concentrated in client-facing digital services: the Ersel Mobile app provides full internet-banking functionality with Strong Customer Authentication under PSD2, alongside a Digital Collaboration platform for document confirmation and digital signature of advisory proposals. The group is privately held by the founding Giubergia and Argentero families through Ersel Investimenti S.p.A., with current leadership including President Guido Giubergia and CEO Andrea Rotti, and recently pursued growth through the 2024 acquisition of Deenova, the 2025 joint entry into Merito SGR S.p.A. for private debt, and an active Triveneto physical expansion.

Name

Ersel Asset Management

Legal name

Ersel Banca Privata S.p.A.

Website

https://www.ersel.it/Ersel_EN/Gruppo/Ersel-Asset-Management.html#.WJg9iqJ96gQ

Company type

Private

Founded year

1936

Operating status

Operating

Headcount range

11–50 employees

Short description

Ersel Asset Management SGR S.p.A., the asset management arm of Italy's family-owned Ersel Group (founded 1936), manages open-end, closed-end, and Luxembourg-domiciled investment funds for high-net-worth private clients, institutional investors, and professionals, with €22.4 billion in group client assets as of 31.12.2025.

Ownership category

akta.pro rank

Product category

Wealth Management and Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Financial Vehicles (52599), Trusts, Estates, and Agency Accounts (525920), Trust, Fiduciary, and Custody Activities (523991)

SIC

Investment Advice (6282), Real Estate Investment Trusts (6798), Security Brokers, Dealers & Flotation Companies (6211), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)

akta.pro secondary industries

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC), Financial Planning–Led RIAs (FSAAACAB), Asset-Based Lending (ABL) (FSANADAD), Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ), Tax-Focused Wealth Management RIAs (FSAAACAD)

Keywords

• Private banking services
• Wealth management advisory
• Asset management funds
• Mutual fund management
• Fiduciary services

Headquarters

HQ city

Roma

HQ country

Italy

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Private Banking Services: Comprehensive wealth management services including portfolio management, financial advisory, corporate advisory, Lombard credit, real estate advisory, and private insurance. Revenue generated through fees and commissions on managed assets and advisory services.
2. Asset Management: Management of mutual funds (open and closed), managed by Ersel Asset Management SGR (Italy) and Ersel Gestion Internationale SA (Luxembourg). Revenue from management fees and performance fees on funds under management.
3. Fiduciary Services: Fiduciary services for entrepreneurs and families, including fiduciary ownership of equity participations, company administration, and complex capital management through Simon Fiduciaria.
4. Corporate Finance: Advisory services for institutional clients including prestigious mandates for banking foundations, involving mergers, acquisitions, and extraordinary finance operations.
5. Lombard Credit: Lending activity backed by financial instruments deposited at the bank, supporting investment services for clients.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Ersel Asset Management SGR S.p.A. is the first mutual fund management company authorized in Italy (1983), managing open-end and closed-end mutual funds for retail and institutional investors through its Italian entity and Ersel Gestion Internationale SA in Luxembourg. The company operates within the Ersel Group alongside Ersel Banca Privata (private banking), delivering portfolio management, financial advisory, fiduciary, corporate finance, Lombard credit, real estate advisory, and private insurance services to high-net-worth individuals, families, entrepreneurs, and institutional clients.

Product overview

Ersel Asset Management operates as a platform of financial products and services organized around three main pillars: Private Banking (wealth management, advisory, fiduciary services, lending), Asset Management (mutual funds, alternative funds, PIR-compliant funds), and Fiduciary Services. The product portfolio includes internally managed funds (Fondersel, Hedgersel, Leadersel family) and Luxembourg-domiciled funds, distributed through Ersel Banca Privata and Online SIM. The company serves private clients, institutional investors, and professionals through dedicated service channels including Ersel PRO. Digital services include Ersel Mobile app with Digital Collaboration. Key funds include PIR-compliant products (Leadersel PMI, Leadersel PMI HD), equity funds (Globersel Global Equity with Walter Scott), bond funds (Leadersel Corporate Bond), and alternative/closed-end funds (Hedgersel hedge fund, Equiter Infrastructure II, Ersel Real Estate Fund, Ersel Private Equity Fund). The company maintains operations in Italy, Luxembourg, and London.

Differentiator

Problem solved

Functional benefit

Brands

• Ersel Mobile: Mobile banking application providing access to Internet Banking, Digital Collaboration, and Strong Customer Authentication (SCA) per PSD2 directive
• Ersel PRO
• Fondersel
• Leadersel
• Globersel
• Hedgersel
• Fondazione Paideia
• Fondazione Renzo Giubergia

Products and services

• Fondersel
• Leadersel PMI

Quantifiable outcome

• Sixth consecutive year awarded Quality Seal as Best Asset Manager 2026
• +3 more outcomes

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

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Banca FinnatcoreStrategic or Co-development Partner · 1 January 2025Joint entry into Merito SGR S.p.A. capital - an independent private debt company. Strategic partnership for expanding private debt offerings.
• Meti Corporate FinanceminorStrategic or Co-development Partner · 1 January 2023Partnership initiated in 2023 for corporate finance advisory services.
• Simon WealthLexminorStrategic or Co-development Partner · 1 January 2023Partnership initiated in 2023 for wealth planning and wealth analysis services.
• FondacocoreStrategic or Co-development PartnerPartnership for Ersel Private Equity Fund, providing exclusive investment opportunities in private equity for Ersel clients in the alternative investments space.
• EquitercoreStrategic or Co-development PartnerPartnership for Equiter Infrastructure II, offering infrastructure investment opportunities through Italian-domiciled fund.
• KerviscoreStrategic or Co-development PartnerPartnership for Ersel Real Estate Fund, Luxembourg-domiciled real estate investment vehicle.
• Walter ScottcoreTechnology or IntegrationExternal manager appointed for Globersel Global Equity Class A fund, providing international equity management expertise.
• Online SIMcoreChannel Partner/ Reseller/ DistributorFintech platform for online mutual fund investment. Part of Ersel Group since 2004 acquisition, serving as self-service distribution channel for retail investors.

Scale indicators6 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Banca Finnat: Italian independent private bank with strong family-business and HNW focus, also active in asset management. Directly comparable as a fellow Italian independent private bank, and notably Ersel's joint partner in Merito SGR.
• Banca Cesare Ponti: Milan-based Italian private bank focused on HNW individuals, entrepreneurs, and family offices, part of the Banca Popolare di Milano group. Comparable given similar HNW focus, advisory-led model, and Northern Italy geographic orientation.
• Banca Sella: Independent Italian banking group offering private banking, asset management (Sella SGR), and wealth advisory services. Comparable as a family-influenced independent group operating across similar product categories and segments.
• Azimut Holding: Independent Italian asset management and wealth advisory group with strong fund family and private banking operations. Comparable as an independent, advisor-led wealth platform with overlapping fund and discretionary management offerings.
• Banca Generali: Italian private banking and asset management specialist focused on HNW advisory, discretionary portfolio management, and mutual funds. Highly comparable to Ersel given similar product mix (wealth management, fund products, fiduciary-like services) and Italian market focus.

Broad incumbents

• Banca Mediolanum: Italian banking group with a major wealth management and asset management franchise serving mass-affluent and HNW clients across Italy and southern Europe. Comparable due to overlapping private banking, advisory, and fund products serving Italian HNW households.
• FinecoBank: Italian multi-channel bank under UniCredit with deep wealth management, brokerage, and asset management operations. Relevant peer given overlapping HNW advisory and fund distribution capabilities across Italy.
• Mediobanca (Private Banking): Italian investment bank with a substantial Private Banking division serving HNW clients with advisory, discretionary management, and credit services. Comparable given overlapping integrated wealth management and corporate finance capabilities.
• Intesa Sanpaolo (Private Banking Division): Italy's largest banking group with a sizable Private Banking division serving HNW and UHNW clients. Comparable as a major incumbent offering overlapping private banking, asset management, and fiduciary services nationally.

Emerging players

• Anima Holding: Italian asset management company focused on mutual funds, pension products, and institutional asset management. Comparable as an Italian-domiciled asset manager offering similar fund products distributed through retail and institutional channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/sharer/sharer.php?u=http%3A%2F%2Fwww.ersel.it%2F
• Xx.com/gruppoersel
• LinkedInlinkedin.com/company/ersel

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments3 records

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

Frequently asked questions about Ersel Asset Management