Fund's reputation for being 'a step ahead' is confirmed
What the judges said: “Inarcassa is to be commended for its attention to detail on its asset allocation modelling and decision-making, as well as an excellent presentation, obviously supported by good research.
The judges also praised Inarcassa’s “clear decision-making process, external performance monitoring and good risk controls”.
Inarcassa’s pension fund for the engineering and architect sector is this year’s IPE winner in the investment strategy section for Italy. “We are absolutely thrilled to have received this award, says Inarcassa manager Paolo Tosi.. “We were really hoping to win as we firmly believe that our investment process is excellent. In comparison to other Italian pension funds, we have been advanced in measuring risk, establishing an asset allocation strategy and analysing performance attribution, which we feel put us one step ahead and in prime position to win the award.
“Winning such an award is an encouragement to continue along the path we have been taking.”
“We are particularly proud of winning the award, as we are relatively new to investment strategy in comparison to other European schemes. Although we were established in 1961, like many other Italian pension funds we were not privatised until 1995. Up to that point, the scheme’s investment strategy was dictated by the State. Privatisation forced asset management to become more efficient.
“We then looked at the strategies employed by the best European pension funds, that had been in the market for 40 to 50 years, and learned from them, adjusting investment processes accordingly.”