The Andrea Picci approach: when Epicureanism and investment meet
But how did Greek philosophy lead Andrea Picci to join PAM Italy’s Sales team eight years ago? “I fell into finance by chance. While studying at Bocconi University, I was involved in a lively discussion with other students. An HR representative from Eurizon, Intesa Sanpaolo's asset management division, spotted me and asked me to join Italy's largest banking group as a communications trainee.” No wonder for this spirited and exuberant man, who even then drew on classical philosophy to craft words and convey complex financial notions to his audience. “I was not an expert in mathematics or statistics, but classical studies gave me the ability to understand the people I was dealing with and to use the right words to explain things.”
The world of institutional asset management in Italy is a small one – everyone knows one another, particularly when it comes to selling financial products to intermediaries such as financial advisers (promotori finanziari) and private bankers. It was through this network that Andrea came across the small, close-knit team at PAM Italy, who invited him to join them in 2017. After eleven formative years at Eurizon, followed by a three-year stint with a French boutique asset manager, Andrea landed on his feet at Pictet.
We spend a tremendous amount of time with our clients, building relationships based on trust. It is crucial if we really want to understand and anticipate their needs.
“Working at Intesa Sanpaolo's Eurizon was like working in a government department. You did your bit, but you were just a cog in the machinery. My experience at a small asset management company then gave me a more complete view of the business, because you learn to do everything. Pictet was the ideal combination – the entrepreneurial spirit of a boutique combined with the status of a major institution – and the company I had always wanted to join,” Andrea explains, with a note of satisfaction.
Today, with six other sales directors, some of whom have been with Pictet for 20 years, the Intermediaries team at PAM Italy is shaping Pictet's story in Italy. For Andrea, success hinges on the quality of cooperation between the colleagues working in sales, marketing and operations. Together, they work hard to stand out in a market saturated with local asset managers and to win the confidence of the almost 25,000 promotori finanziari and private bankers operating in Italy.
In Italy, financial advisers play a key role in the world of finance. They provide investment advice and act as intermediaries for the sale of products such as investment funds and life insurance. As such, they represent the final link between asset managers (such as PAM Italy) and individual investors. This is a client segment that is unique to Italy, and one that must be understood and nurtured, since it accounts for 90% of the assets under management by PAM Italy.
There's no magic formula. To stand out from the competition, you have to be on the road, going from town to town, to share PAM Italy's views on investment trends and present the various investment solutions in the simplest way possible. This might involve addressing an audience of 10 to 200 people, speaking at large conventions with over 3,000 participants or holding one-on-one meetings.
Pictet Asset Management offices are located in Milan.
“It is not always easy, but I live and breathe Pictet. I fully share the company's values, so everything comes more naturally to me.”
During periods of upheaval, it is the stability of our team and the relationships we have built that ensure clients stick with us. They know that we will provide a first-class service.
PAM Italy's close relationship with its clients is also reflected in its ability to select products that are tailored to the specific needs of the Italian market, as well as the ability to innovate with this market in mind. This is illustrated by their bold approach in areas where Pictet has been a pioneer. “Today, we need to focus on a new generation of products. For us, this means shifting from a world where clients buy products, to guiding clients towards a change in behaviour.”
In April 2024, PAM Italy launched an innovative product based on an original idea developed locally. This solution is designed to help Italian investors to gradually diversify their portfolios, a process that aims to steer them towards long-term growth. “It was a long journey to convince the Intermediaries teams in Geneva that we know our clients well and that they needed this type of portfolio. But they put their trust in us and, over three months, we reached our initial targets."
And where do the Greek philosophers fit into all this? Andrea draws on his knowledge of Greek philosophy to help him convince his audience. “Take the word crisi1. For the Greeks, a crisis is not just a difficult moment. It is also an opportunity to change what we do. It inspired me to create a presentation to show that challenges can be seen in an entirely different light.”
Behind the scenes, our Sales Director draws inspiration from one of the philosophers he most admires, Epicurus, to shape his view of the world. While for many, Epicurus' teachings are associated with hedonism and the pursuit of pleasure, Andrea is inspired by Epicurus' ability to look to the future with optimism. “Being inspired by Greek philosophers like Epicurus reminds me of the importance of looking to the future with hope, even when the present seems difficult."