Italy: Pensions and Investment News and Analysis
Latest news and analysis of pensions, asset management, regulation and trends in Italy from our award-winning journalists.
Italian trade unions push government to bolster second pillar system
CGIL, UIL, and CISL believe it is unacceptable to finance a private association to promote supplementary pensions
Italy: Government eyes pension reform despite lack of resources
Giorgia Meloni’s right-wing government wants to lower retirement age and secure retirement income for young workers, but it faces an uphill battle against inflation
Historic low birth rate could make Italy’s pension reform efforts ineffective
The government intends to reform its tax system to cut the burden on companies employing women with children and large families
Country report – Pensions in Italy (July/August 2023)
Italian second-pillar occupational pension funds continue on their path to diversification. Owing to the higher yields on offer in traditional fixed income markets, allocations to private markets may slow down temporarily, but funds have made long-term strategic commitments. A variety of industry initiatives is facilitating investment in private equity, private debt and infrastructure. Meanwhile, some pension funds are consolidating their private markets portfolios.
Unicredit pension fund closes down alternatives sub-funds
The fund for alternative investments Effepilux Sif-Sicav fund will become a real estate Alternative Investment Fund (AIF)
Italian pension funds recover with AUM reaching €214bn in H1
Pension schemes recorded overall positive returns in the first six months of 2023, but results were up particularly for those with higher exposure to equity investment
Italy roundup: Generali Investments buys Cathay Life business
Plus: Women are still underrepresented in first pillar schemes, says Adepp
Lessons learned from Berlusconi’s pension reforms
To some, the death of Silvio Berlusconi on 12 June this year, is the end of an era for Italian politics. Berlusconi was the longest-serving prime minister in the history of the republic and a highly controversial figure, at home and abroad. He can be described as the first modern European populist leader.
Italian government readies new investment rules for first pillar pension system
Pension schemes have been waiting for an upgrade to their investment rules since 2011
Italian pension funds lean towards domestic investments, says COVIP
Many pension funds are also expanding their investment strategies in private equity and private debt, according to the pensions regulator
Italian government puts forward law to create €1bn SWF
The funds will amount to €700m this year and a further €300m in 2024
Italy roundup: Previndai ups exposure to corporate, government bonds
Plus: Eurofer pushes on with direct investments
Italian government plans sovereign wealth fund set up
The draft bill, called ‘Made In Italy’, will be tabled by the minister of enterprise and Made in Italy Adolfo Urso in an upcoming government meeting
Italy roundup: BCC-CRA pension fund divests from private markets
Plus: Fondo Priamo increases number of members and contributions; Enpaia cuts real estate investments
Inarcassa increases investments in Italian private banks to €200m
For 2023 the pension fund plans to increase investments in private markets and real estate
Italy roundup: Enpam plans to build up global bond portfolio
Plus: Write downs hit Enasarco; Laborfonds sees sign of return to normality
Fondenergia invests further €55m in alternatives
The scheme has allocated €20m to Azimut Libera Impresa’s infrastructure fund and €35m to Neuberger Bergman’s private equity fund
Cometa to vote for diversity and equal opportunities at AGMs
The Italian pension fund wants booard members from gender minorities to hold senior roles
Previndai plans €35m investment in private equity funds
The scheme continues to diversify its investments following an allocation of almost €200m in the Italian real economy last year
Inarcassa hedges equity exposure, resumes private markets allocations
According to the new strategic asset allocation for 2023, Inarcassa is increasing its allocation to bonds by 3%, while reducing equities by 1.5%
Cometa opposes CEO remuneration, but in favour of labour rights at AGMs
The Italian pension fund has opposed high pay, or pay not linked to ESG goals, of managers at Siemens, Deere & Co, and Compass Group
Fear and loathing in European banks
Any CEO would recognise there is a problem when investors do not want to put their money to work with you. That is the situation that European banks find themselves in. The MSCI Europe bank index has considerably underperformed its MSCI Europe parent over the last 10 years.
Italian pension funds pick Eurizon Capital for infrastructure investment
The asset manager will select infrastructure AIFs investing in companies involved in economic, social and renewable energy projects
Byblos posts investment losses for all three sub-funds
The negative returns last year, particularly that of the Garantito sub-fund, was the result of significant losses in bond markets
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