Legal Disclaimer


You, the user, are connected on the website (the “Site”), which is the property of Intesa Sanpaolo Wealth Management S.A.
Access to and use of the Site are governed by the terms and conditions set out below.


Intesa Sanpaolo Wealth Management S.A. is a Luxembourg bank incorporated and existing as a public limited liability company (société anonyme) under Luxembourg law, having its registered office located at 48, rue Charles Martel, L-2134, Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg registre de commerce et des sociétés under number B 117.963 (the “Bank“).

The Bank has been approved as a credit institution and is subject to the supervision of the Luxembourg financial supervisory authority Commission de Surveillance du Secteur Financier (the “CSSF”), located at 283, route d’Arlon, L-1150 Luxembourg, Grand Duchy of Luxembourg ( The Bank is also subject to the supervision of the European Central Bank (the “ECB”), located at Sonnemannstrasse 22, 60314 Frankfurt am Main, Germany, for the areas reserved to the ECB (
The tax identification number of the Bank is 2006 2218 240 and its VAT identification number is LU 212 82 22 3.

The contact details of the Bank are as follows:


The purpose of the Site is to present the Bank and its activities together with the products and services it may make available to its (duly accepted and onboarded) clients. Users subject to jurisdictions that, for reasons of citizenship, residence or any other considerations, prohibit or restrict the publication or availability of the Site or the information it contains, are authorized to access the Site only insofar as they are allowed to do so under the law applicable to them.
Access to the Bank’s e-banking portal and limited e-banking services may be made available to clients of the Bank, subject to its prior written approval and the entry into any relevant agreement (in particular its “Special Terms and Conditions – E-Banking” made available by the Bank on its website under the section “legal documentation”).


User accepts that access and use of the Site is made under his/her/its own responsibility. The Bank shall in particular not be held liable for direct or indirect damages which may be caused by the access or use of the Site. The Bank does not provide any warranty in term of Site availability and hence shall in particular not be held liable in connection with the interruption, shut down or malfunction of the Site, shut down for maintenance or repair of the computer system of the Bank, technical breakdowns or network overloads, shutdowns of telephone communications, errors, negligence from the providers, Internet services or a third party in addition to a virus from the Internet.
In case a minor technical problem, the Bank will attempt, if the circumstances allow it, to notify users of the problem of disconnection, and will do its best efforts to restore the connection as soon as possible. Nevertheless, the Bank cannot be held responsible for these interruptions nor for delays in restoring the connection.

The Bank cannot guarantee as to the accuracy, reliability, completeness and update of the information offered on the Site.

The User shall solely support any cost or fee relating to access to and use of the Site. In particular, if he/she/it has asked to receive information by text message or other means of communication which entail charges, he/she/it will pay any cost or fee billed to him/her/it.


User shall be extremely cautious with e-mails, calls or other communication which he/she/it may receive from third parties pretending to be part of the Bank or another entity of the Group from which the Bank belongs, and which may include, for example hyperlinks, or requiring to disclose access codes. The Bank shall not be held liable for any damages which the user may incur in this regards.

For more information about phishing, the User may read section 1.4 “Important information about phishing, vishing and other forms of fraud” of the “Special Terms and Conditions – Payment services” of the Bank, made available by the Bank on its website under the section “legal documentation”.


The information available on the Site, whether of a general nature (such as market information) or specific (such as investment products), are provided for information purposes only and is not of a contractual nature. It is also presented

without any undertaking that it is accurate, complete or up to date. It does not in any case constitute a recommendation, offer or solicitation to invest, subscribe, purchase or sell any securities, financial instruments or financial products in general. It does not constitute an advice of any kind, whether as regards financial management, investment, advisory, cover for risk, trading or financial, legal, accounting or fiscal advice. To the exception of gross negligence or willful misconduct, the Bank shall not be held liable towards the users of the information and its direct and indirect consequences.
The distribution of this information, in particular when relating to investment funds, is likely to be limited or regulated by law in certain countries. More specifically, the distribution of information and the subscription to those investment funds may be prohibited or subject to prior authorization from the competent authorities. The Bank draws the attention of user that this information is not addressed to persons or entities which, for reasons of citizenship, residence or any other considerations, are subject to foreign law, prohibiting or restricting diffusion. People who are citizens/resident of, among other countries (but without limitation), the United States of America, Canada and the United Kingdom are strongly invited to get information about the restrictions which may apply to them.

The Bank reserves the right to modify or remove contents from the Site in any moment.

The fact that the Bank describes its services and products on the Site does not mean that these are suitable or appropriate for the user of the Site.


The Site may contain references or hyperlinks to other sites. These links are provided for user convenience only and therefore the Bank cannot be held responsible of the content of these sites. The fact that the Site can be linked to other sites does not mean that the Bank warrants, controls, monitors, sanctions or supports in any way whatsoever any of these sites, nor that it is a member, owner or manager of any of these sites.

Any references and hyperlinks to the Site that would be made from another websites must be prior approved in written by the authorised representatives of the Bank.


The Bank is the sole owner of brands, logos and other elements or materials appearing on this Site. Any representation, reproduction or dissemination, in full or in part, by any means and/or under any form whatsoever, must be prior approved in written by the authorised representatives of the Bank.


Personal data is processed by the Bank in accordance with the data protection legislation, and in particular with the Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data. More details about the personal data processing effected by the Bank is available in its “Privacy Notice” (the “Privacy Notice“) made available on its website under the section “legal documentation”. User may exercise his/her/its right to access, rectify and erase his/her/its data, as well as the right to restrict one or more of the uses of his/her/its data and the right to data portability, by contacting the data protection officer of the Bank, by email or letter to:

Intesa Sanpaolo Wealth Management S.A.
Data Protection Officer
48, rue Charles Martel, L-2134 Luxembourg
Grand Duchy of Luxembourg

If the user is not satisfied with the processing of personal data or with the handling of a request sent to the data protection officer of the Bank, he/she/it may file a complaint with the National Data Protection Commission, the authority responsible on Luxembourgian territory for checking and verifying the legality of the collection and use of data subject to processing, by writing to 1, avenue du Rock’n’Roll, L-4361 Esch-sur-Alzette, Grand Duchy of Luxembourg, or via the website

Users of the Site are informed that during their access to this Site, information may be stored temporarily in memory or on their computer equipment, particularly to facilitate navigation on the site (the “Cookies”). For more information about the use of Cookies, users may consult the “Cookies Policy” of the Bank made available on its website under the section “legal documentation”.

By disclosing their telephone number(s), their address or their e-mail address on the Site, users expressly accept that the Bank may provide them with information, either by telephone, by mail or by e-mail. In case an user doesn’t want to receive such an information anymore, he/she/it may notify the Bank of his/her/its willingness to opt-out from the commercial communications and marketing actions effected by the Bank.


Navigation on the Site, communication between the Bank and the user, as well as any operations initiated or completed using the Site (i) shall be considered as having been conducted at the Bank, at the date and time indicated on the Bank server and confirmed by the Bank’s connection log and (ii) are subject to the law of Luxembourg.
Any dispute arising in connection with the access and use of the Site shall exclusively be submitted to the courts of the district of Luxembourg-City.

Marco Paolucci

Marco Paolucci, since March 2022, is the Head of Investments of Intesa Sanpaolo Wealth Management, the bank of the Intesa San Paolo Group focused on Wealth Management services for italian and international clients. As part of his professional duties, Marco holds the role of manager of delegated portfolios and advisory for customized strategies.

He also holds the role of Chairman of the Investment Committee and Head of Marketing. 

From 2015 to February 2022 Marco has worked for Indosuez Wealth management. The private bank of Credit Agricole Group as:

• Head of the European Advisory team for Indosuez Wealth Management
• Head of the European Investment Team for Indosuez Wealth Management
• Member of the Global Investment Committee of Indosuez Wealth Management

From 2000 to 2015, Marco had previously worked in the Intesa San Paolo Group, holding various positions within the bank based in Luxembourg:

• Chief Executive Officer of Lux Gest Asset Management, an asset management company of the Group authorized for both UCITS and AIFMD regulatory platforms
• Chief Investment Officer for Intesa San Paolo Luxembourg

Marco holds a magna cum laude degree from the University of Parma.

Several international training courses at the University of Utrecht in the Netherlands, at the Bocconi University in Milan, at the EDHEC Institute in London and an Executive Certificate in Wealth Management at the University of Luxembourg have completed his professional curriculum.

Italian mother tongue with Italian-Luxembourgish nationality, he is fluent in French, English, and Spanish.

Ermanno Petruzzi

Ermanno Petruzzi, since March 2022, is Co-Head of Private Banking of Intesa Sanpaolo Wealth Management,
the bank of the Intesa Sanpaolo Group focused on Wealth Management services dedicated to italian and international clients.

From 2016 to February 2022 Ermanno worked for Indosuez Wealth Management, the private bank of the Credit Agricole Group as:

• Head of Wealth Management & Private Banking Italian market
• Member of the Commercial Department

From 2008 to 2016, Ermanno held various positions in the Intesa Sanpaolo group in Luxembourg with commercial and management responsibilities, specifically as Senior Relationship Manager Wealth Management & Private Banking and Head of Private Banking Relations and Administration.

Before joining the Intesa San Paolo group, Ermanno gained a wide and significant experience in the field of private banking.
In the period from 1992 to 2008, he worked in various Luxembourg banks including:

• Banca Lombarda
• Credito Emiliano
• Banque Générale du Luxembourg
• Banca Popolare Emilia Romagna

Ermanno earned a bachelor’s degree in Economics and Commerce from the State University of Bari. He is a native speaker of Italian with an Italian-Luxembourgish nationality and he works fluently in French and English.

Francesco Molaro

Francesco Molaro, since March 2022, is Co-Head of Private Banking of Intesa Sanpaolo Wealth Management, the bank of the Intesa Sanpaolo Group focused on Wealth Management Services performed in Luxembourg for Italian and international clients.

With the Intesa Sanpaolo Group since 2005, he has been working for Intesa Sanpaolo Bank Luxembourg, with different commercial and management responsibilities. He covered several businesses within the Corporate and Investment Banking Division of the Group. 

In particular:

  • Head of Wealth Management & Private Banking
  • Relationship Manager – Wealth Management
  • Head of Private Equity
  • Relationship Manager – Investor Services

From 2009 to 2014, he also served as Director and General Manager of Lux Gest Asset Management, an asset management company of the Group authorised for both UCITS and AIFMD regulatory platforms. He has also represented Intesa Sanpaolo Group in the board of directors of several investment funds.

Prior to joining the Group, Francesco worked for JPMorgan Group in Luxembourg, first for the Bank and then for the Asset Management Company as Key Client Executive.

Born in Rome, he graduated in Economics and Business from LUISS University of Rome. Native Italian speaker with bilingual proficiency in English and French.

Bruno Alfieri (Taranto, 1964)

Bruno Alfieri is the Chairman of Fideuram Bank (Luxembourg)’s Board of Directors.He has gained a long significant experience in the Intesa Sanpaolo Group (former Sanpaolo-IMI), that he joined in March 1991 as a trainee in IMI Bank (Lux) S.A.His last position was as CEO of Eurizon Capital S.A. from July 2015 until June 2018. Previously he was General Manager of Fideuram Bank (Luxembourg) (01 – 06/2015), General Manager of Fideuram Gestions (10/2007 – 12/2014) and General Manager and Director of Fideuram Asset Management Ireland (10/2002 – 09/2007).


Bruno holds a magna cum laude Master in Economics and Banking from Università degli Studi di Siena. He speaks English, French and Spanish, in addition to Italian.

Emilio Carugati (Milano, 1968)

Emilio Carugati, since April 2021, is the General Manager Intesa Sanpaolo Wealth Management, the bank of the Intesa Sanpaolo Group focused on Wealth Management Services performed in Luxembourg for Italian and international clients.
Since the 31st of March 2020, Emilio is also Director and member of the Board of UBI Trustee SA, the Luxembourg Trust Company of UBI Group.
Betweeen 2020 and 2021 Emilio worked for UBI Group, where he had the position of Head of the UHNW unit, managing Wealth Management services for the most important Private clients of the Bank.
Before UBI Emilio spent almost 14 years (2006-2019) within UBS group, with responsibilities in both Commercial and Management roles with both domestic (Italy) and international (Europe) geographic focus.

In particular he took the following roles:

  • Head of Wealth Management Branches Italy (2019)
  • Head of Region North and UHNW Italy (2016-2018)
  • Chief Operating Officer Italy and Iberia and Head of Pricing Europe (2012-2016)
  • CFO and Head of Sales, Segments and Marketing Italy (2010-2012)
  • Branch Head Milano and Bergamo (2006-2009)

Prior to joining UBS Emilio worked for almost 10 years at The Boston Consulting Group (1997-2006), in the Milan office. He has been one of the founders of both the Wealth Management and the Technology practice for the Milano office.
After graduation he spent two years (1995-1996) in Siemens Telecomunicazioni SpA with the role of Product Manager in the Strategic Marketing unit.


Emilio holds a magna cum Master of Science in Electronic Engineering from Politecnico di Milano. He also received a Master in Business Administration from IMD in Lausanne, Switzerland. He speaks fluent English, in addition to his native Italian.