  Supermassive black holes (SMBHs) are nowadays believed to reside in most
local galaxies, and the available data show an empirical correlation between
bulge luminosity - or stellar velocity dispersion - and black hole mass,
suggesting a single mechanism for assembling black holes and forming spheroids
in galaxy halos. The evidence is therefore in favour of a co-evolution between
galaxies, black holes and quasars. In cold dark matter cosmogonies, small-mass
subgalactic systems form first to merge later into larger and larger
structures. In this paradigm galaxy halos experience multiple mergers during
their lifetime. If every galaxy with a bulge hosts a SMBH in its center, and a
local galaxy has been made up by multiple mergers, then a black hole binary is
a natural evolutionary stage. The evolution of the supermassive black hole
population clearly has to be investigated taking into account both the
cosmological framework and the dynamical evolution of SMBHs and their hosts.
The seeds of SMBHs have to be looked for in the early Universe, as very
luminous quasars are detected up to redshift higher than z=6. These black holes
evolve then in a hierarchical fashion, following the merger hierarchy of their
host halos. Accretion of gas, traced by quasar activity, plays a fundamental
role in determining the two parameters defining a black hole: mass and spin. A
particularly intriguing epoch is the initial phase of SMBH growth. It is very
challenging to meet the observational constraints at z=6 if BHs are not fed at
very high rates in their infancy.
