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.

Extended version of the invited paper to appear in the Proceedings of the Conference "Relativistic Astrophysics and Cosmology - Einstein's Legacy"