The Italian pension fund for veterinarians, Enpav, has picked bfinance to design a sustainable investment policy, it was announced. Enpav added in a recent annual meeting that it plans to consider ESG criteria in its future strategic investment choices.

The pension fund backs investments in sectors linked to the veterinary profession, such as the agro-zootechnical sector, food safety, environmental eco-sustainability, land protection, and start-ups.

It is also informing its members on the use of European funds, especially indirect sources of financing, split by sectors of interest, it added.

Enpav’s investment strategy has so far lacked the integration of ESG criteria, according to financial statements. It has invested assets in the past in such a way to ensure consistency between its actual and its strategic asset allocation, keeping in mind the financial impact of its investments.

The scheme has also focused on strengthening its financial position in light of the growing number of members retiring.

This year, it expects 28.4% of assets totalling €1.14bn invested to be invested in real estate, 32.3% in bonds, 11.3% in alternatives excluding real estate, 18% in equities, and 10% in cash, its 2024 forecast disclosed.

Liquidity increasing in 2024 will modify the weight of the asset classes in its portfolio, it added.

Enpav’s decision to design a sustainable investment policy comes as the number of Italian schemes investing responsibly has stagnated in the past few years.

According to a survey conducted by think tank Itinerari Previdenziali, 53% of the schemes in Italy will pursue a sustainable investment policy this year, up from 52% last year, and down from 56% in 2022. The survey also showed that 75% of participants had discussed the topic and such a policy would be implemented in the future.

The think tank believes it is likely that over 90% of Italian institutional investors will adopt a sustainable investment policy in the near future, considering also those already investing according to ESG criteria.

Italian schemes hand out ESG advisory mandates mostly to Nummus.info, Prometeia, Moody’s ESG Solutions, Main Street Partners and MSCI, according to Itinerari Previdenziali.

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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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