Our Story

The goal of Massimiliano Cagliero and his partners was to create an independent private banking hub in Italy that would put value investing principles into practice.

With offices in the heart of Milan, Turin, Rome and Biella, Banor SIM is now one of Italy’s leading securities firms. It specializes in capital management and advisory services for institutional clients, high net worth individuals and complex entrepreneurial families. The excellence of professionals and family office experts allows Banor to act as a trusted financial advisor to understand the needs of each client and build a relationship that will last over time. Furthermore, the experience and independent views of Banor SIM’s managers have helped build unique relationships in the international capital markets. These relationships have made BANOR a beacon for many foreign investors who intend to invest in Italy or who are simply seeking an independent view of the Italian market.


We have strong relationships with top international investors. Banor’s team of managers and analysts research each security directly. They also draw on external sources selected for their credibility, reliability and impartiality. Regular meetings with companies’ management teams and with top global investment managers are key ingredients in the recipe for success that we have developed over the years.


With offices in Milan, Turin, Rome and Biella, we are a tried and tested team of more than 170 members. Banor SIM has grown exponentially over time, thanks to the outstanding experience, expertise and dedication of its team – a team that has been working successfully together for more than 20 years. These qualities have enabled us to build a business model that hinges on listening to customers and paying close attention to their needs and satisfaction levels.


We stand out for the transparency, sustainability and quality of our investment process, integrating evaluation criteria and metrics to measure ESG risk in the stock selection phase.

Corporate Structure

Banor SIM is a securities brokerage firm specialized in portfolio management and advisory for institutional clients, private and complex entrepreneurial families’ private wealth.

Banor SIM and its partners are shareholders in Banor Capital Ltd, a UK-registered management company and investment manager for Banor Sicav and Aristea Sicav, Luxembourg-registered open-end investment firms.

Banor SIM is also Banor Capital’s advisor for the management of the Banor Sicav and Aristea Sicav sub-funds.

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