The expansion of asset management has been a major driving force in financial innovation and has contributed everywhere to the erosion of institutional segmentation and to the pressure to change the organization of controls. I shall look first at the evolution of asset management at the international level, before analyzing its development in Italy and the role of banks and other intermediaries.
In view of the opportunities and risks that this development entails, I shall also address supervisory issues, the new legal framework established recently with the consolidated law on financial markets and the need for closer and more effective cooperation between authorities, both in Italy and in international fora. 2.