Pensions in Italy Report
In-depth reporting and analysis of the pensions sector in Italy for our pension fund and asset management readers from IPE’s award-winning journalists.
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Country ReportSlow growth for Italy's second-pillar pensions
Despite the urgency of increasing second-pillar coverage, policymakers continue to focus reform efforts on public pensions
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Country ReportENPAM looks to preserve cash flow
In February 2024, the board of ENPAM, the first-pillar pension fund for doctors and dentists, approved plans for the fund to transition to an asset liability management (ALM) model that will focus on liability-driven investment (LDI).
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Country ReportPrevimoda fine tunes for better results
In 2023, Previmoda, the pension fund for the fashion and textile sector, rejigged the strategic asset allocation of its sub-funds Smeraldo Bilanciato, which has a higher exposure to fixed-income, and the equity-focused Rubino Azionario.
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Country ReportCDC pension fund benefits from a steady stream of young members
The Cassa Dottori Commercialisti (CDC) is one of the most sustainable casse di previdenza, the Italian privatised first-pillar funds for professionals, thanks to prudent asset allocation and the CDC’s policy to attract young Italians to the chartered accountancy profession.
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Country ReportItalian pension funds fine-tune asset allocation
Growing appetite for private market investments, amid shifting equity and bond portfolios, are keeping Italian pension funds busy
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Country ReportItaly Country Report 2024: How local pensions could support the economy
The Italian pension industry and policymakers are discussing ways to channel more pension investment towards the country’s business sector
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Country ReportItaly: Pension investors raise their sustainability game
Pension funds and other institutions are making greater use of engagement and voting as they pursue their ESG goals
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Country ReportItaly: Pension funds face SFDR test
A significant number of pension funds have classified their portfolios under the EU’s flagship sustainability disclosure regulation
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Country ReportItaly: Casse di Previdenza roll with the punches
Italian industry-wide pension funds fail to attract new members, with potentially serious long-term consequences
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Country ReportItaly: Government plans to draw in capital for domestic investment
The right-wing government is moving forward with plans to create a €1bn fund, amid criticism and lukewarm investor support
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Country ReportItaly: Byblos consolidates private markets portfolio
The industry-wide fund has opted for a single external multi-asset mandate for private equity, private debt and infrastructure
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Country ReportItaly: Private markets allocations at a crossroads
Italian pensions funds are showing renewed interest in fixed income, as investment in private markets slows down – but long-term commitments are still in place
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Country ReportCountry report – Pensions in Italy (July/August 2023)
Italian second-pillar occupational pension funds continue on their path to diversification. Owing to the higher yields on offer in traditional fixed income markets, allocations to private markets may slow down temporarily, but funds have made long-term strategic commitments. A variety of industry initiatives is facilitating investment in private equity, private debt and infrastructure. Meanwhile, some pension funds are consolidating their private markets portfolios.
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Country ReportItaly: Struggles of the pension sector
Italian industry-wide pension funds fail to attract new members, with potentially serious long-term consequences
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Country ReportItaly: The greening of the pension industry
Italian pension funds are developing their approaches to sustainable investing, with increasing focus on impact and engagement
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Country ReportItaly: Pension funds adapt to a new regime
Inflation, higher interest rates and geopolitical tensions are leading Italian pension funds to recalibrate their investment strategies
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Country ReportCountry Report – Pensions in Italy (July/August 2022)
Italy’s pension industry continues to develop, albeit at a slow pace. Italian pension funds are adapting their strategies to the volatile and uncertain market regime, by purchasing inflation-linked assets and by taking advantage of potentially higher yields on domestic government bonds. However, as our lead article highlights, they are generally staying true to their long-term diversification strategies, which consist of gradually allocating to alternatives including private equity, private debt and infrastructure. Some have bought shares in the Bank of Italy, a private equity-like investment.
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InterviewsExit interview: Ivonne Forno
Ivonne Forno, former CEO of Laborfonds, reflects on her experience of building one of Italy’s most successful pension institutions
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Country ReportESG gains ground
Italian pension funds are increasingly making their investment choices with ESG factors in mind
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Country ReportCountry Report: Pensions in Italy
Italian pension funds are growing their allocation to illiquid asset classes at an increasing pace, spearheaded by a number of innovative institutional collaborations. In addition, the sector is more and more making investment choices with ESG factors in mind, as we analyse in our latest in-depth on Italy’s pensions. The report examines the impact of COVID-19 on the health of the country’s second-pillar pensions system, and finds why its future growth is dependent on more decisive policymaking.
