Italy: Pensions and Investment News and Analysis
A main preoccupation of successive governments has been tweaks to the state pension age in particular the retirement age: political aspirations from both left and rights continually hit the buffers of fiscal reality. The current early retirement system will be phased out by the current government, unless it finds a way to replace it. Italy’s workplace occupational pension system in fact works quite well, with a moderate amount of pension assets relative to the size of the country’s economy, but including an established auto-enrolment component that has been attracting the attention of EU policymakers of late.
Pension Funds in Italy - Country Report
Italy Country Report 2024: How local pensions could support the economy
The Italian pension industry and policymakers are discussing ways to channel more pension investment towards the country’s business sector
TOP ITALIAN PENSION FUNDS 2024
Pension fund/entity | Assets (€’000)
- Fondazione ENPAM | 26,221,000
- Cassa Nazionale di Prev. e Assist. Forense | 17,855,000
- Previndai-Fondo Pensione | 14,505,681
- Fondo Pensione COMETA | 13,894,503
- Inarcassa | 13,433,000
©IPE Research; View the Top 1000 European Pensions Funds 2024 for a comprehensive market overview
PrevAer shifts to multi-asset strategy
Eurizon will run the strategy across the scheme’s three sub-funds through Alternative Investment Funds
Generali Investments buys majority of MGG Investment for $320m
The acquisition comes as Generali is close to creating a joint venture with Natixis Investment Managers
Inarcassa boosts domestic investments as 2024 returns exceed expectations
The scheme is increasing allocations in private markets and equities as it records returns of more than 7.6% in 2024
Italy’s Banca Etica expands business into ESG asset management
The bank is stripping current external asset manager Anima of its mandate to manage the mutual funds of Etica SGR, the bank’s asset management arm
Italy’s INPS under fire for unilaterally changing pension requirements
GCIL is accusing INPS of having changed the criteria to calculate pensions for those opting to retire early
TOP MANAGERS: ITALIAN INSTITUTIONAL ASSETS
Company | Assets (€m)
- Generali Investments | 204,903*
- Eurizon Asset Management | 180,054
- Anima Holding | 136,113
- Amundi | 64,824
- AXA Investment Managers | 35,666**
- Allianz Global Investors | 30,498***
- BlackRock | 21,920
- Morgan Stanley Investment Management | 16,747***
- Fondaco | 12,593***
- BNP Paribas Asset Management | 10,717
As at 31.3.24, *29.04.24, **29.12.23, ***31/12/23
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IPE BEST PENSION FUND IN ITALY AWARD WINNERS
- 2023 - Cassa Nazionale del Notariato | Fondo Pensioni Del Personale Gruppo BNL/BNP Paribas Italia
- 2022 - Fondo Pensione Nazionale BCC/CRA
- 2021 - Fondo Pensione Nazionale BCC/CRA | PrevAer
- 2020 - Fondoposte
- 2019 - Fondo Pensione Laborfonds
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Italy needs a serious debate about pensions
Italian policymakers are bent on indulging the relatively small but influential minority of Italians that is nearing retirement, but lament that the statutory retirement age of 67 is too high. The reform efforts of past years have been towards reducing the retirement age or increasing flexibility in retirement. The resources employed towards supporting second-pillar pensions have been next to none.
PrevAer shifts to multi-asset strategy
Eurizon will run the strategy across the scheme’s three sub-funds through Alternative Investment Funds
Generali Investments buys majority of MGG Investment for $320m
The acquisition comes as Generali is close to creating a joint venture with Natixis Investment Managers
Inarcassa boosts domestic investments as 2024 returns exceed expectations
The scheme is increasing allocations in private markets and equities as it records returns of more than 7.6% in 2024
Italy’s Banca Etica expands business into ESG asset management
The bank is stripping current external asset manager Anima of its mandate to manage the mutual funds of Etica SGR, the bank’s asset management arm
Italy’s INPS under fire for unilaterally changing pension requirements
GCIL is accusing INPS of having changed the criteria to calculate pensions for those opting to retire early
PreviAmbiente swaps Credit Suisse with UnipolSai in bid to cut costs
The new manager will run the scheme’s ‘Garantito’ sub-fund, worth around €350m, which invests 96% in bonds and 4% in equities
Fondenel launches new equity investment option
Under the new option, the pension fund will pursue a strategy with a strong exposure to equities
Italy changes early retirement option
The new rule allows a merger of first and second-pillar contributions
Fon.Te allocates further €160m to private markets
Fon.Te has also approved investments worth €130m to back alternative investment funds (AIFs) internationally
Fondo Pegaso and Previambiente invest in Italy’s infrastructure FoF
The FoF infrastructure aims to fundraise €500m through capital allocated by pension funds
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