Italy’s association of first-pillar pension funds for white-collar professionals, Adepp, is facing growing internal tensions as member schemes clash over governance issues and banking alliances.
The €9.3bn pension fund for sales representatives, Enasarco, has begun the process to leave the association.
The decision to exit Adepp matured over time and is now coming to fruition, president Patrizia De Luise said in an interview with Il Sole 24 Ore.
According to De Luise, the main priority is the protection of Enasarco’s members.
The pension fund has also criticised a lack of dialogue within the association, arguing that the conditions that led it to join Adepp more than a decade ago no longer exist.
Enasarco has historically played a limited role in the association’s activities, instead focusing on its own investment initiatives, including the creation of asset manager Miria Asset Management. According to reports, this move has contributed to discontent within the organisation.
Adepp said it has not received any official communication regarding Enasarco’s potential withdrawal, a spokesperson for the association told IPE.
Membership of Adepp is renewed annually, meaning Enasarco would formally leave on 1 January 2027 if it confirms the decision this year.
The tensions follow the earlier withdrawal of the nurses’ pension fund Enpapi from Adepp.
Frictions have also emerged between the labour consultants’ pension fund ENPACL, the accountants’ scheme Cassa di Previdenza e Assistenza dei Ragionieri, and the chartered accountants’ fund Cassa Dottori Commercialisti over regulatory issues linked to their professional frameworks, according to a source familiar with the situation.
Banking alliances under strain
The disputes are also spilling over into the role that first-pillar pension funds play as shareholders in major Italian banks.
Enasarco, Enpam (the doctors’ pension scheme), Cassa Forense (the lawyers’ fund), and Inarcassa (the engineers’ and architects’ scheme) hold stakes in banks including Banca Monte dei Paschi di Siena, Mediobanca and Banco BPM.
Banco BPM is expected to hold a 3.4% stake in the new bank resulting from the merger between Mediobanca and Monte dei Paschi di Siena approved by the banks’ boards this week, according to the Tuscan lender.
Giuseppe Castagna, Banco BPM chief executive officer, is working on the list of candidates for the new board to propose at the bank’s shareholder meeting on 16 April.
One key issue concerns the confirmation of two board seats historically reserved for the bloc of first-pillar pension funds and banking foundations, according to reports.
Banco BPM’s shareholder agreement is primarily underwritten by Enpam, Cassa Forense and Inarcassa, alongside four banking foundations with smaller stakes.
The bank’s board currently includes Enpam and Adepp president Alberto Oliveti and Paola Ferretti, professor of economics of financial intermediaries at the University of Pisa.
Adepp is reportedly aiming to secure both available seats, with Cassa Forense considered the leading candidate for the second position.
However, Enasarco’s stance complicates the situation. The fund holds a stake in Banco BPM while simultaneously planning to exit Adepp.
According to Milano Finanza, Banco BPM is also exploring a potential stake in Miria Asset Management, Enasarco’s asset management company.
Ahead of Banco BPM’s governance renewal in April, discussions have also reportedly taken place regarding Enasarco joining the bank’s shareholder agreement with a 5.9% stake. This would exceed the holdings of Enpam (1.99%), Cassa Forense (1.66%) and Inarcassa (1.03%).
