Enpam, the €28bn Italian first-pillar pension fund for doctors and dentists, has defended its investments in domestic banks following a probe by Milan prosecutors into a contested purchase of shares in Mediobanca by Monte dei Paschi di Siena (MPS).
In a statement, Enpam said it had been investing in Italy’s banking sector for several years, “achieving significant returns” for the benefit of its members.
The fund’s comments come after the Guardia di Finanza, a specialist unit of Italy’s financial police, raided the offices of Enpam and Fondazione Enasarco – the €9bn pension scheme for sales representatives – as part of an investigation into recent share purchases in Mediobanca, according to national newspaper Il Sole 24 Ore.
The raids reportedly focused on documentation relating to securities transactions carried out between mid- and late May.
Mediobanca is currently the subject of a hostile takeover attempt by MPS, bringing pension fund investments in both institutions under closer scrutiny.
Enpam said it has increased its stake in Mediobanca to 1.98%, up from 1% previously, and noted that external asset managers have been running specialised mandates focused on the bank since 2017 and 2021, respectively.
“The growing importance of doctors’ and dentists’ pension savings in the Italian economy has evidently left some dissatisfied. Some in Milan have turned to the judiciary [power], which has asked the Guardia di Finanza to obtain documents regarding purchases of Mediobanca securities,” the fund said in its statement.
Complex M&A activity
Enasarco has reportedly acquired a 2.5% stake in Mediobanca during the election period to appoint its new president, Patrizia De Luise, between 6 and 16 June, according to Il Sole 24 Ore. Enasarco did not respond to a request for comment.
Other casse di previdenza, including the €19bn lawyers’ scheme Cassa Forense, also hold shares in Mediobanca.
Enasarco, Enpam and Inarcassa – the €16bn pension fund for architects and engineers – are shareholders in Banco BPM, which in turn holds a stake in MPS, positioning the pension funds at the centre of an increasingly complex banking M&A situation.
Enpam’s president, Alberto Oliveti, addressed criticism of the fund’s banking exposure, denying claims that it is “engaging in financial forays with banks” and reiterating that its primary objective remains securing pensions for doctors and dentists.
He said the fund’s investment in Intesa Sanpaolo, one of Italy’s largest banks, had doubled in value, while its stake in Banco BPM had grown fivefold.
“If we then consider the two banks currently at the centre of the so-called ‘banking risk’ game, namely Monte dei Paschi di Siena and Mediobanca, to date the value of our investment has increased by €115m, half of which has already been collected. All of this is always in the best interest of doctors’ pensions,” Oliveti said.
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