Fondazione Enasarco, the Italian pension fund for sales representatives, has reached €8.7bn in assets under management, a 5% increase year-on-year, in 2023, it announced.

The board of directors unanimously approved the final budget for 2023 underlying a positive economic result of €237m (+400% year-on-year), it added.

Adding €39m from the so-called retirement bonus fund (Fondo Indennità Risoluzione Rapporto, or FIRR), which are assets set aside at Enasarco by companies to pay their employees upon termination of their contracts, the positive economic result for 2023’s fiscal year is €276m, increasing approximately 500% year-on-year, the fund added.

The amount of assets that have to be set aside by law by pension funds, the so-called legal reserve, was equal to €5.8bn in 2023, against €5.6bn in 2022, equalling to 5.43 times the value of social security benefits, the scheme said.

In 2023 Enasarco reorganised its management to cut costs, responding also to recommendations of the ministries acting as supervisors for the pension scheme, it added.

The results of the effort to restrict management “are visible”, proving that independent choices made by the pension scheme can generate results, it said.

The scheme has also started to manage assets of the retirement bonus fund separately from 1 January 2024. It forecasts AUM for the FIRR of €2.5bn in 2024, reaching €2.7bn in 2026.

On the asset management front, the scheme has recorded a gross income of €177m last year, from €145m in 2022, a 20% increase approximately, it said.

In November last year Enasarco announced an investment in Garofalo Health Care, a company operating healthcare facilities in eight regions in Italy. It qualified the investment as “mission-related”, with the aim to strengthen its portfolio and healthcare support to members, including through hospitals, and social care activities.

Contributions paid by members went up €1.34bn in 2023, from €1.30bn the prior year, against expenses totalling €1.09bn, it said.

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Luigi is IPE's Berlin-based DACH correspondent. His coverage includes regulation and the latest pensions and investments trends, and, being a native Italian, he also covers Italy’s pensions market. He has reported from Italy and Germany on international politics and business for European and US publications including USA Today, Bloomberg BNA and for the investigative magazine L’Espresso. He was previously Germany correspondent for Mergermarket covering M&A.View full Profile

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