Francesco Di Carlo

Managing Partner

+39 02 3041 331

Founding partners and Managing Partner of Fivers, Francesco Di Carlo began practicing in 1995 and after significant experience at leading Italian firms, in 2000 he co-founded Annunziata e Associati, where he was stayed until the foundation of FIVELEX Studio Legale e Tributario.
He has longstanding experience in advising financial institutions and Italian and foreign funds on banking, financial, insurance and company law matters. His expertise is mainly focused on the incorporation and authorization of financial industry players and funds, M&As and Italian and international corporate reorganizations, the provision of cross-border reserved transactions, the structuring of remuneration and incentive plans and policies, the structuring of club deals, financial and insurance products, the support to family offices and private bankers in relation to issues and needs of private clients and assistance to intermediaries with the administrative stage of the penalty proceedings initiated by Supervisory Authorities. He has also developed significant experience with the regulatory supervision of listed companies, with particular regard to the protection of minority shareholders, corporate governance, related-party transactions, reporting obligations, market abuse and public offerings. He has assisted major international institutional investors in the management of their shareholdings in listed companies at the various stages of their investments, including with respect to governance issues and damages claims. He has been working for years with the major Italian and international Authorities.

He is ranked in Chambers Europe and Global for Banking and Finance - Financial Services Regulation practice and in Legal500 for Banking and Finance: Bank Regulatory, Investment Funds and Commercial and Corporate and M&A practices. For years he has also been reported as a reference professional in his areas of expertise by Who's Who Legal Italy, Who's Who Legal Private Funds, IFLR1000 and Leaders League.

He was also reported in 2016, 2017, 2018, 2019, 2021 and 2022 among the 50 Italian professionals who have left their mark in business consulting according to and in 2020 by MF, in the Dossier "Best Lawyers and Law Firms 2020" in various categories.

Among the various awards received:

• Legalcommunity Finance Awards: 2018, 2019, 2020, 2021 and 2023 Lawyer of the Year, Finance Regulatory category;

• TopLegal Industry Awards: 2020, Lawyer of the Year, Banking category; 2022 Lawyer of the Year Funds and Insurance categories;

• Forbes: 2020, Lawyer of the Year, Private Banking Awards. 

Between 2007 and 2016 he was Chairman of the Regulatory Committee of the Italian Private Banking Association.

He has held and holds offices in major companies engaged in his practice areas. He is currently Director of Milano Investment Partners SGR S.p.A. and Statutory Auditor of Italiaonline S.p.A.. He is also Director of the charity foundation Oliver Twist ONLUS.

Practice areas

Banking and finance
Listed companies
Corporate and commercial
Mergers and acquisitions


Degree in Economics from Università Cattolica del Sacro Cuore, Milan, in 1994
Registered with the Register of Chartered Accountants in 1999
Italian, English