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.
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 2023
Pension fund/entity | Assets (€’000)
- Fondazione ENPAM | 27,673,000
- Cassa Nazionale di Prev. e Assist. Forense | 18,006,000
- Inarcassa | 14,099,000
- Previndai-Fondo Pensione | 13,710,709
- Fondo Pensione COMETA | 12,563,400
©IPE Research; See IPE’s Top 1000 Pension Funds for the full ranking
Key fund data for Italy
Sources: Pension assets - IPE research; Occupational pension assets as % of GDP - OECD June 2022; Working population, data as of end 2021 - World Bank; Projected old-age dependency ratio 2050 per 100 people - Eurostat 2021; gross average replacement rate - OECD Pensions at a Glance, 2021; Asset Allocation - OECD Pension Funds in Fugures, June 2022
Italy’s pension funds association expects to raise €500-600m for FoFs with EIF
Assofondipensione plans to set up FoFs for infrastructure, private equity, private debt, and possibly venture capital, with European Investment Fund
Italian vets scheme picks bfinance to design sustainable investment policy
Enpav’s investment strategy has so far lacked the integration of ESG criteria
Previndai picks Mercer to review sub-funds’ strategies
The scheme could also consider setting up a new sub-fund, investing with a cautious approach, and a life-cycle option
Inarcassa reshuffles global government bond portfolio
The scheme invests €2bn in government bonds, mainly in Italian fixed income
Intesa Sanpaolo DC scheme swaps Japan and EM equity funds
The scheme made the replacements due to the funds underperforming the set benchmark
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
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
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.
Italy’s pension funds association expects to raise €500-600m for FoFs with EIF
Assofondipensione plans to set up FoFs for infrastructure, private equity, private debt, and possibly venture capital, with European Investment Fund
Italian vets scheme picks bfinance to design sustainable investment policy
Enpav’s investment strategy has so far lacked the integration of ESG criteria
Previndai picks Mercer to review sub-funds’ strategies
The scheme could also consider setting up a new sub-fund, investing with a cautious approach, and a life-cycle option
Inarcassa reshuffles global government bond portfolio
The scheme invests €2bn in government bonds, mainly in Italian fixed income
Intesa Sanpaolo DC scheme swaps Japan and EM equity funds
The scheme made the replacements due to the funds underperforming the set benchmark
Monte dei Paschi scheme to make further investment in private markets
The pension fund has issued a tender for infrastructure, private debt and private equity
Intesa Sanpaolo DB fund picks managers for equities, bonds
Several mandates were re-tendered, with Eurizon Capital picked for bonds, Schroders for global equity, Azimut for European equity, and Pictet for US equity.
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.
Cassa Forense urges tax cuts to boost domestic investments
A ‘reward’ in the form of a lower levy should come from parliament and government for pension funds managing assets invested in Italy, says scheme’s president
Italy’s pension regulator recommends tweaks to complementary pension system
COVIP is calling for adjustments to the complementary pension system to attract potential new members
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