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

Rome, Italy

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.

TOP ITALIAN PENSION FUNDS 2023

Pension fund/entity | Assets (€’000)

  1. Fondazione ENPAM | 27,673,000
  2. Cassa Nazionale di Prev. e Assist. Forense | 18,006,000
  3. Inarcassa | 14,099,000
  4. Previndai-Fondo Pensione | 13,710,709
  5. Fondo Pensione COMETA | 12,563,400

©IPE Research;  See IPE’s Top 1000 Pension Funds for the full ranking

Key fund data for Italy

Italy key pension data

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

TOP MANAGERS: ITALIAN INSTITUTIONAL ASSETS

Company | Assets (€m) 

  1. Generali Investments | 188,201
  2. Eurizon Asset Management  | 181,449
  3. Anima SGR | 128,214*
  4. Amundi | 61,316
  5. AXA Investment Managers | 40,553*
  6. BlackRock | 19,499
  7. Morgan Stanley Investment Management | 18,512
  8. Fondaco | 12,429*
  9. BNP Paribas Asset Management | 9,806
  10. Vontobel | 9,700*

As at 31.3.23, *30.12.22, **31.12.22

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IPE European Pension Fund Awards

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

Find out more about the IPE awards and how to be involved