Those responsible for managing large family fortunes have the duty to avoid losses, both in terms of income as well assets. Indeed, those who are responsible for large family fortune must take into account the next generations’ different requirements avoiding losses, which cause tensions and litigations and lead to greater consequences. Furthermore, wealth inherited from the previous generation implies a moral obligation to conserve and pass on the fortune to the next generation without disrupting its value. A well-managed family fortune is at the heart of healthy and sustainable economic-social development.


This module’s objective, based on the evaluation of each asset class, following along a complete risk analysis of each of these asset classes, combined with its fiscal, legal, insurance and administrative implications allows a efficient wealth protection planning for a long term global performance.

Lesson 2.1.

The fundamentals of Risk Management

  • Assessment of the level of risk exposure of the assets in its individual components: application of volatility indices for the various asset classes to make them comparable and integrable
  • Criteria to plan a gradual recovery of efficiency considering risk/performance/time
  • Reporting systems for controls and adjustments of value, cost and profitability

Lesson 2.2.

The guiding principles of different asset management strategies

  • Equity and growth approach
  • Equity and Value Approach: Measuring Portfolio Risk
  • The Conservative Approach
  • The dynamics of markets: time horizon and volatility
  • The Hedge Approach: Introduction and Evolution

Lesson 2.3.

The non Financial protection players: Trusts, foundations, private insurance, real asset protection

  • Foundations: typologies, history and photography of the Italian landscape
  • History of the Trust in Italy
  • Comparison between the Trust and other tools
  • The Trust Onlus to the benefit of the weakest
  • Private life insurance: definition, regulatory framework and market size
  • The open architecture model and international offer
  • The trust company
  • Insurance policies for real property

Lesson 2.4.

Custody and administration

  • Control and document management
  • Administrative and fiscal control tools
  • Tax and administrative consolidation: the case
  • The fiduciary headline and tax consolidation
  • The trustee’s institute at the service of asset management
  • Practical Cases