Private clients

Ersel offers private clients a financial planning service on all the main aspects of asset management.
A group of professionals is available to understand the client’s objectives and to help them achieve these objectives by addressing investment in accordance with their specific needs and risk appetite.

Ersel builds a relationship of trust with the client that grows stronger over time, in order to accompany the growth in their assets in all aspects and at all stages of their development, and seeks to anticipate their needs and to seize the opportunities presented.

Asset Management Torna su

High-quality service, thorough analysis, tailored products, and a trust-based relationship that grows stronger over time: these are the characteristics in place since 1936 which enable Ersel to distinguish itself and excel in the Italian asset management sector.

For those who wish to delegate their investment decisions, Ersel offers the guarantee of a professional management service which is tailored to the client’s individual needs. An asset allocation and management strategy which is based not only on market knowledge, but also on the ability to analyse the client’s individual objectives and risk profile, and so propose the most appropriate and efficient management strategy under a specific mandate.
Unlike other Italian operators, Ersel has never set up a network to promote and sell its own products and services, but has relied solely on in-house professional staff and has thus managed to maintain direct and high-level contact with clients.
The management service is characterised by the rigorous investment process, the broad diversification of the product range and the thorough knowledge of the chosen instruments, together with transparency and rapidity in providing detailed and tailored information. Ersel moreover offers private insurance services through leading companies from Italy and EU.
 

Investment process
The investment process aims to create value in the medium to long term through the dynamic management of investments and the pursuit of a positive contribution of the chosen instruments, which may be actively managed Ersel funds, third-party funds, ETFs, securities or alternative instruments. Ersel has always based its investments on the principle of active management that seeks outstanding performance in relation to the relevant financial market context. 

Financial market analysis

The investment process is based on macro and micro-economic analyses that produce forecasts of the relevant variables and estimates of the risk premium on the various financial assets. The analyses are carried out using in-house models which highlight historic relations between the economic and financial variables, supported by dialogue with external counterparts and specialist research by the leading investment houses.
The most important macroeconomic variables are forecast with the support of proprietary models which exploit the predictive ability of some sentiment and real indicators. The forecast scenario is the basis on which yield prospects for the main financial variables are calculated, again with the use of proprietary models.
Micro-analysis focuses on estimates of companies’ profitability and on the trend in analysts’ bottom-up consensus, on which a critical assessment is carried out, also on the basis of the top-down variables. Analysis of companies’ profitability leads to analysis of valuations in terms of both past and future valuations. The analyses on valuations are integrated with those on trends, positioning and investor sentiment.


Asset allocation and building up of portfolio
Individual portfolios are constructed with reference to their objectives and considering the current financial market conditions, in keeping with the investment policies and the management strategy for the portfolio line to which they belong. Short-term, tactical adjustments are periodically undertaken and can be caused by changes in the market enviroment, changed yield forecasts or differing investment correlations. Checking portfolio performance by constant monitoring of yields and risk management is considered by Ersel as a strategic activity and is one of its strengths. The instruments used enable rapid changes to the portfolio in relation to changing client needs or following changes in financial market scenarios.
 

Risk control
Risk control is entrusted to a dedicated structure consisting of a team of specialists which uses sophisticated risk management techniques. It is a constant support to the investment process and involves all the products in the Ersel Group, traditional UCIs, speculative UCIs, model portfolios for asset management and individual tailored management.
The risk control work is carried out together with the control on operational limits realised through a set of rules which enable the issuer, liquidity, market and concentration risks to be reduced.
Numerous tests are carried out ex ante by quantifying the VAR and the tracking error of the managed portfolios and undertaking precise ex post risk/reward and performance attribution analysis.


 

Financial Consultancy Torna su

The investment consultancy service, or advisory team, is aimed in particular at clients who wish to be kept constantly informed about the market situation in order to take advantage of the best investment opportunities.

 

A dedicated team of professional staff provide their know-how to support knowledgeable and informed investment choices.
The client can refer to their consultant to obtain:
 

  • a market overview,
  • periodic despatch of targeted advice based on their needs,
  • suggestions on tactical portfolio operations,
  • advice structured to specific requests.

 

Utmost protection for the client
The personalised recommendation must be tailored to the client, based on the consideration of their characteristics; in other words, it must respond to what the law defines as adequacy criteria as regards the client.
The advisory team supports the client in their decisions in keeping with the risk profile and the investment objectives outlined; comparing the match between these objectives and the asset allocation applied is a continuous process, both through frequent meetings between the consultant and the client and through timely and detailed reporting.


Continuous consultancy and on-demand consultancy
The client can use the continuous consultancy service which envisages periodic despatches of material, with macroeconomic scenarios and timely analyses on sectors, markets, companies and securities, to let the client have the detailed knowledge of the markets and financial instruments which is necessary for knowledgeable and informed investment decisions. 
The client can also expect for prompt answers to precise questions.

Documents envisaged by the continuous consultancy service:

  • Weekly analysis
    - Macroeconomic scenario of the main geographic areas worldwide - Europe, United States, Japan and Pacific,
    - Trends in the main market variables - equities, bonds, currencies and commodities,
    - Calendar with main financial events worldwide for the following week.
     
  • Fortnightly market list with indications on the recommended financial instruments in terms of Italian bonds and equities.

 

  • Monthly analysis
    - Recommended portfolio in terms of macro and micro asset classes, in line with the client’s financial profile,
    - Monthly market list, with indications on the recommend financial instruments from among international equities, ETFs, Group funds and third party funds.

 

Documents envisaged by the on-demand consultancy service
The client’s request is forwarded to the advisory team which prepares an appropriate analysis and replies in a timely manner, providing:

  • Documents showing essential elements and positive trends,
  • Schedules on markets, comments, charts and summaries of the individual assets covered by the request.

 


 

Asset Administration Torna su

Ersel operates in equity, bond and money markets both in Italy and abroad, and benefits from over 70 years’ experience in the sector. This has put it at the centre of a deep network of relations with the leading players in the international financial industry.

 

Ersel offers tax consultancy, asset management, stock brokerage, and safe custody services. Ersel exhibits the operational capability of a modern financial complex, whilst retaining the flexibility of a direct relationship with the client, professional standing and independent judgment. Through its stock brokerage service, clients can undertake all forms of financial operations by drawing on a comprehensive investment consultancy service and constant and detailed portfolio reporting. By making use of specialist professional staff, Ersel offers accurate analysis of all types of investment with a professional and dynamic service based on the selection and diversification of risks.
All orders are transmitted in real time to the operating company, and transfer orders from one fund to another are carried out on the same day. 

 

 

 

Fiduciary Services Torna su

The focus on the needs of entrepreneurs and families that hold significant property, the utmost attention to confidentiality, the personalisation of the service and transparency in operations are features which have always been a part of Ersel’s fiduciary services.


 

Fiduciary companies, which were introduced into the Italian legal system by Royal Decree no. 2214 of 16 December 1926 and subsequently regulated by Law no. 1966 of 23 November 1939, offer different types of services that mainly aim to guarantee confidentiality as regards the identity of the real owner of assets.
By means of a trust contract the company takes over the legal title to the assets that are entrusted to its management and guarantees the pursuit of the interests of the legitimate owner. Fiduciary companies, since they do not possess the assets or the rights entrusted to them, make a clear separation between the assets of third parties and their own assets. The protection of confidentiality of trust information involves guaranteeing the confidentiality of the owner of the assets and the rights covered by the contract in regard to third parties which have dealings with the beneficiary.

 

Fiduciary services for the private sector
The main services for private clients and their families, in order to safeguard and develop their assets over time, relate to the provision of fiduciary services in relation to securities or tailored management. The client, although remaining to all intents and purposes the owner of the assets, can register in Ersel’s name financial instruments for confidentiality reasons.
The client, through the website, can at any time access updated reports in order to see the composition and yield of all the portfolio investments held, individually or in aggregate form.
With the wealth planning service clients are helped to identify solutions for the management of their assets, especially given complex family groups, in order to reorganise them with a view to legal and tax optimisation or in prospect of a generational change.
Ersel also offers services linked to the management of assets, donations, legacies and foundations.
Through the registration and management of dealings with banks, Ersel promptly carries out clients’ orders and guarantees their timely and correct execution, performing security management transactions, acting as a withholding agent when requested, and adopting all the regulatory adjustments necessary.
Finally, with its fiduciary services, Ersel can participate in both the creation of the trust and in managing the trust as trustee or guardian for the beneficiaries.

 

Fiduciary services for the business world
Numerous services are offered in order to maintain the utmost confidentiality in business initiatives and to facilitate their execution. Among these are assistance for entrepreneurs and support in setting up companies, the definition of agreements between shareholders and the provision of fiduciary services in relation to equity investments, which enables the safeguarding of the confidentiality of the real owner by entrusting to Ersel their representation in shareholders’ meetings, the underwriting of share capital increases, or the supply of loans to shareholders. Ersel can also support the client in the stages which accompany the sale or purchase of equity investments, guaranteeing a completely professional approach, and rapidity and confidentiality in the closing. In the case of delicate transactions, where the parties intend to ensure reciprocal respect of commitments, Ersel can act as guarantor. On the basis of this agreement, particular goods or assets are held in trust by a guarantor who agrees to safeguard them until particular contractual obligations have been fulfilled or specific events have occurred.
Among the numerous services offered to companies are the administration and management of complex incentive systems for staff and managers.
Le società fiduciarie, introdotte nel nostro ordinamento con R.D.L. 16 dicembre 1926, n. 2214, e successivamente regolamentate dalla legge 23 novembre 1939, n. 1966 offrono diversi tipi di servizi, volti principalmente a garantire la riservatezza sull'identità dell'effettivo proprietario di patrimoni.
Attraverso il contratto fiduciario la società assume la titolarità dei beni affidati in amministrazione e garantisce il perseguimento degli interessi del legittimo proprietario. Le fiduciarie, non entrando in possesso dei beni e dei diritti a loro affidati, pongono in essere una netta separazione tra i beni di terzi e il proprio patrimonio. La protezione del segreto fiduciario consiste nel garantire la riservatezza del titolare della proprietà dei beni e dei diritti oggetto del contratto nei confronti di tutti i soggetti terzi che contraggono rapporti con il fiduciante.
 

 

 

Private Equity Torna su

PPrivate equity means the purchase of significant equity investments by institutional investors in the share capital of mainly unlisted companies, with a medium/long-term perspective, together with the contribution of professional know-how to favour the company’s growth.


 

The aim of the investment is to increase the value of the initial equity investment in order to achieve a capital gain on disposal, which generally occurs in a time period between a minimum of 3 and maximum of 5 years.
The main instrument through which the investment is undertaken are private equity funds, a particular type of closed-end fund. Generally the life cycle of a closed-end fund is 10 years, of which the first 5 focus on the investment and the subsequent 5 on the disposal.
The possibility of having available stable capital, together with subscribers who are capable of taking on a certain amount of risk, makes closed-end private equity funds the ideal partner in order to finance companies’ strategic, medium/long-term development plans.


Ersel Investment Club
Through Ersel Investment Club, Ersel offers its most sophisticated clients investment opportunities in small and medium sized unlisted companies which have great potential.


Ersel Investment Club is set up as an reserved closed-end private equity fund; investors discuss business issues and at the same time have available a medium-term financial instrument which is unrelated to the markets and so allows them to increase the level of diversification of their portfolio along the lines of the model of institutional investors.


The fund positions itself as a stable medium-term partner to support entrepreneurs, agreeing their growth strategies with them and cooperating in the realisation of their development plans to create value. The valuation and the choice of target companies are based, among other things, on the quality of the entrepreneurs and the management, the growth possibilities, the ability to generate cash flows, and the company’s positioning on its own key market, after taking into account the risk profile and investment yield.

 

For more information: www.erselinvestmentclub.it 

 

 

 

Corporate Finance Torna su

Given its experience acquired in over 70 years’ activity on financial markets, Ersel has developed a dedicated corporate finance structure, which is an important compliment to the asset management business.

 

It is a specialist area which was created to meet the needs of the business world in the face of increasingly complex challenges. The current situation, which sees open and very competitive markets, also requires small and medium sized enterprises to make strategic choices to restructure, reposition or expand through alliances, mergers, and opening up their capital to new partners.
This need is felt particularly strongly by companies with a “broad” family ownership which has now reached the third or fourth generation, a situation which often requires new blood to realise growth targets or to at least maintain business levels.
Ersel meets this demand by offering, as an independent advisor, an integrated and complete service for extraordinary finance operations, together with targeted and professional consultancy services, invaluable support for anyone engaged in redesigning their company’s future.
 

Acquisitions and disposals
Ersel offers a complete range of services for the acquisition or disposal of companies, shareholdings, and stakes in companies and brand. This process typically involves five stages:

  • Study of the key market
  • Identification of the target
  • Valuation
  • Operational activation
  • Negotiation

 

Market listings and takeover bids
Ersel has significant experience in assisting with stock market operations: market listing (Initial Public Offering), placement of shares, consultancy and support for share capital increases and for public takeover bids. This activity incorporates three stages:

  • Preliminary analysis
  • Assistance during the process
  • Completion


Feasibility studies
In an increasingly competitive environment, a company’s development can follow various paths. Besides the process of in-house growth, it is quite frequent to seek growth through extraordinary operations aimed at repositioning, expansion through alliances or mergers, restructuring, and opening up of capital to new partners.
In any case, growth implies the use of often large amounts of capital and resources, as well as an accurate strategic and financial assessment of the choices to be faced - a process in which the detailed know-how and professionalism of Ersel’s service can prove important.


Corporate financing
Ersel provides assistance and consultancy in analysing and sourcing extraordinary financing for merger and acquisition operations, turnarounds and debt restructuring.
Thanks to its well-established relations with the banking system, Ersel can help the client by guaranteeing professionalism and independence in regard to financiers.
Ersel also provides cash management services and highly specialist assistance in choosing financial instruments for client companies’ specific needs, from derivatives to exchange risk hedging. Ersel, through companies that specialise in financial information and consultancy, offers studies, research, analysis and forecasts on financial markets and economic-financial indicators.
 


Go to Brochure