Italy Investment and Pensions
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 2025: Pension funds step out of their comfort zone, diversify portfolios
While maintaining a domestic bias, Italian institutions are venturing into new asset classes to further diversify their portfolios
TOP ITALIAN PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
- Fondazione ENPAM | 27,932,000
- Cassa Nazionale di Prev. e Assist. Forense | 20,361,000
- Fondo Pensione COMETA | 15,246,000
- Previndai-Fondo Pensione | 15,240,000
- Inarcassa | 15,081,000
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
Italian pension funds reassess market risks while redrafting strategies
Italian Casse rethink allocations, expand private markets and deepen domestic exposure despite mounting macro risks and constraints
Enpam eyes bigger bets on asset managers Nextalia and Green Arrow
Italy’s largest doctors’ pension fund explores increasing holdings in private equity and alternative managers
Italy’s pension funds deepen private markets drive amid search for diversification
Several Italian pension schemes are expanding allocations to private markets to boost diversification and returns
Italian pension funds back higher private markets cap
Lifting the legal threshold that limits Italian pension funds’ allocations to private markets to 20% of AUM helps funds avoid pressure to liquidate private assets at a discount
Cometa tenders €1.2bn in active mandates to diversify €11bn portfolio
The €15bn Italian pension fund for employees in the metal industry is tendering a €900m in active bonds and €300m in active equity for its ‘Reddito’ sub-fund
TOP MANAGERS: ITALIAN INSTITUTIONAL ASSETS
Company | Assets (€m)
- Generali Investments | 203,791
- Eurizon Asset Management | 183,407
- Anima Group | 139,706
- Amundi | 50,658
- Allianz Global Investors | 33,274*
- BlackRock | 21,987
- Natixis Investment Managers | 18,520
- Ostrum Asset Management | 17,825*
- Morgan Stanley Investment Management | 17,812*
- Fondaco | 13,037*
As at 31.3.25, *31.12.24
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
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Italians must raise awareness about second-pillar pensions
Giorgia Meloni’s government has failed to revitalise the Italian second-pillar pension system. But credit to the pragmatic right-winger who in 2022 became Italy’s first female head of government – at least she tried.
Italian pension funds reassess market risks while redrafting strategies
Italian Casse rethink allocations, expand private markets and deepen domestic exposure despite mounting macro risks and constraints
Enpam eyes bigger bets on asset managers Nextalia and Green Arrow
Italy’s largest doctors’ pension fund explores increasing holdings in private equity and alternative managers
Italy’s pension funds deepen private markets drive amid search for diversification
Several Italian pension schemes are expanding allocations to private markets to boost diversification and returns
Italian pension funds back higher private markets cap
Lifting the legal threshold that limits Italian pension funds’ allocations to private markets to 20% of AUM helps funds avoid pressure to liquidate private assets at a discount
Cometa tenders €1.2bn in active mandates to diversify €11bn portfolio
The €15bn Italian pension fund for employees in the metal industry is tendering a €900m in active bonds and €300m in active equity for its ‘Reddito’ sub-fund
Alifond makes infrastructure debut in strategy overhaul with €660m mandates
The pension fund for employees of Italy’s food industry will see its strategic target for alternatives increase to 10% of total assets, up from 8%
Fondoposte builds bond portfolio with tilt to Italian sovereigns
Amundi, one of the pension fund’s fixed income asset managers, will overweight US Treasuries and UK Gilts
Intesa Sanpaolo pension fund trims sub-fund costs after merger
Synergies from the merger with Fondo Pensione Cariplo are expected to reduce costs indirectly charged to members
Cassa Forense accelerates private markets push
Investments in private equity, private debt and infrastructure now account for close to 15% of the €19.5bn fund’s total assets
Italian pension funds expand equity allocations to SMEs
Fondo Gomma Plastica, Foncer, Pegaso and Previmoda have appointed Anima to manage a €82m mandate
IPE BEST PENSION FUND IN ITALY AWARD WINNERS
- 2024 - Fondoposte
- 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
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