The market of investment firms in Italy: business model and performance

This thesis explores the role and evolution of investment firms (SIMs) in the Italian financial system. It starts by explaining what SIMs are, how they’ve developed over time, and what makes them important players in the market. The research then takes a closer look at the regulatory framework they operate under, focusing on the key rules set out by the Testo Unico della Finanza (TUF), the Bank of Italy, and Consob. Different types of SIMs are analyzed: from independent firms to those that are part of banking groups, with a focus on how their business and service models are structured. To bring theory into practice, the thesis presents four detailed case studies: Equita Group, Intermonte SIM, SCM SIM, and Copernico SIM. Finally, it looks at how these firms perform financially and what challenges and opportunities lie ahead for the sector. The goal is to give a clear, updated picture of how SIMs work and why they matter in today’s financial landscape.