 
December 2011
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Italy weighs impacts of financial crisisRBC Dexia quick poll results now available  (5 votes, average: 4.40 out of 5) Loading ...A majority of Italian asset managers are confident in the ability of their new government to reduce the national deficit but are more sceptical about the prospects of EU governments resolving the Eurozone crisis, according to a new poll from RBC Dexia. As many as three-quarters of respondents (74%) to the poll, staged at a special RBC Dexia event for asset managers hosted in Milan in November, expressed confidence that the new Italian government could reduce the national deficit, including 10 per cent who were very confident. The poll was conducted four days after the resignation of former Prime Minister Silvio Berlusconi following the passage of a raft of stringent emergency measures to tackle the Italian deficit crisis and on the day that the new technocratic government headed by economist and former European Commissioner Mario Monti was sworn in. A cross section of representatives of the Italian asset management industry were asked for their views on the current domestic and international economic climate. Mauro Dognini, Managing Director of RBC Dexia in Italy, said: “The results of our survey show that the change in government has injected some optimism into the Italian market and confidence that the country has the right measures and people in place to see it through the immediate difficulties. However, the prospects for wider economic recovery remain a concern and we must remain committed to creating a climate for future growth.” While initial optimism in the new Italian government seems high there was a more divided view on its ability to get the wider economy back on track: 48% of those polled were confident that the new government would create conditions for economic growth, whilst 52% remained less convinced. EU doubts Respondents were also less confident in the prospects for EU governments resolving the Eurozone crisis: over half (55%) were not very confident in a successful resolution. Perceptions of the global picture were more encouraging. On balance, poll respondents felt that governments worldwide would be able to resolve the current global economic and financial crisis, with 58% positive. However most (71%) thought this would take three to five years. Views on the prospects for the Italian asset management industry were mixed, with 58% pessimistic about its immediate prospects, although 39% remained confident. Prospects for the Italian equity market were, however, considered positive on balance: 52% thought it would rise by the end of 2012, while only 29% of respondents thought it would fall. Finally, confidence in custodian banks was high, with three-quarters (74%) of our respondents confident that custodian banks would be able to provide the services and support they needed in the current financial crisis. The poll questionnaire was completed by 31 leading Italian asset managers. Of those who stated their assets under management (AuM), 60% had AuM of more than €1billion, including 40% with AuM in excess of €5billion. View our full poll results. An exclusive RBC Dexia event Our poll was conducted as part of a major Milan conference event themed ‘the crisis of sovereign debt in Italy’. The guest speaker was the respected Italian economist Professor Giacomo Vaciago of the Institute of Economics and Finance at the Sacred Heart Catholic University (Istituto di Economia e Finanza, Università Cattolica del Sacre Cuore) in Milan, who presented his views on the current financial crisis and the prospects for the Italian and global economy and addressed delegates in a special question and answer session. Key insights from the Professor included analysis of the political response to the recent crisis in both Italy and the EU and efforts by players such as the European Central Bank to restore market confidence. Vaciago highlighted the underlying financial differentials between Eurozone member states and the similarities between the recent regional and global financial crises. He also pointed to specific failings within an interdependent Euro system which could only be addressed by coordinated and collaborative government efforts across Europe. The Milan event offered a unique and timely insight into the current economic situation in Italy, the Eurozone and at a global level from a leading academic expert. The evening offered an ideal opportunity for asset managers to network with industry peers and learn more about the current economic crisis and was extremely well attended, attracting a number of major players within the Italian asset management industry. Seeking more insight on the debt crisis? © 2011 RBC Dexia Investor Services Limited. RBC Dexia Investor Services Limited is a holding company that provides strategic direction and management oversight to its affiliates, including RBC Dexia Investor Services Trust, which operates in the U.K. through a branch authorized and regulated by the Financial Services Authority. All are licensed users of the RBC trademark (a registered trademark of Royal Bank of Canada) and Dexia trademark, and conduct their global custody and investment administration business under the RBC Dexia Investor Services brand name.™ Trademark of RBC Dexia Investor Services Limited. These materials are provided by RBC Dexia Investor Services for general information purposes only. RBC Dexia Investor Services makes no representation or warranties and accepts no responsibility or liability of any kind for their accuracy, reliability or completeness or for any action taken, or results obtained, from the use of the materials. Readers should be aware that the content of these materials should not be regarded as legal, accounting, investment, financial, or other professional advice, nor is it intended for such use. The views herein are personal to the authors and are not necessarily those of RBC Dexia Investor Services. ™ Trademark of RBC Dexia Investor Services Limited.
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