Pensions in Italy Report – Page 4
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Country Report
Italy: Revolution, not evolution
Maria Teresa Cometto surveys three issues in Italian pensions – politics, slow growth and lack of commitment to pension savings
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Country Report
Italy: Desperately seeking members
Consultants and asset managers tell Rachel Fixsen how they think the Italian supplementary pension system should develop
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Country Report
Italy: Your country needs you
Pension fund assets are in demand for infrastructure and SME lending as bank credit dries up. Carlo Svaluto Moreolo finds mixed views about whether funds will take up this opportunity
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Country Report
Italy: Freedom beckons
Carlo Svaluto Moreolo outlines long-awaited changes that will liberalise investment rules for Italian pension funds
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Country Report
Italy: In search of the right balance
Further scandals at casse di previdenza highlight the urgent need to promote better governance at Italian pension funds, finds Carlo Svaluto Moreolo
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Country Report
Italy: The search for pension assets
Iain Morse surveys Italy’s custody market, which is undergoing sweeping changes
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Country Report
Italy: Still waiting
Nina Roehrbein notes potential interest in emerging markets and declining exposure to domestic government debt among Italy’s occupational pension funds
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Country Report
Italy: Three sparks needed to ignite the Italian pensions market
State Street Global Advisor (SSGA) is one of the leading Italian institutional asset managers, managing €10bn of domestic institutional investors’ funds as of June 2013. It holds 13 mandates from closed pension schemes such as Cometa and Fonchim and 15 mandates from casse di previdenza, a sector where the Milan-based asset manager is the undisputed leader, giving the firm a broad view of the Italian institutional investment market. Marco Fusco, SSGA’s head of southern Europe outlined the three sparks he believes are needed to ignite the Italian market.
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Country Report
Italy: COVIP weathers the storms of Italian politics
Covip annual statement: In 2013 membership of private pension schemes increases, albeit slowly, at 5.3% adding 290,000 more members to the total 5.8m. Funds have grown between 8% and 9% in 2012, compared to 2.9% growth of the trattamento di fine rapporto.
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Country Report
Italy: Compulsory membership and education are key to improving pension system
Francesco Vallacqua is a research fellow of Center for Applied Research and Finance (CAREFIN) at Bocconi University of Milan. He has held positions as a consultant to governmental institutions and pension schemes, such as at Cometa, the fund for mechanical engineering industry workers, and is currently a board member of Espero, the teaching professionals’ fund.
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Country Report
Italy: The recovery starts at home for Cometa as it seeks to stabilise its membership
At Cometa, the €7.3bn scheme for workers employed by the metal and mechanical engineering industries, the membership issue is more urgent. The scheme has about 427,000 members, less than half the one million potential members in the sector. The figure is unlikely to rise significantly in 2013 because of the condition of the sector, where factories are closing or laying off workers. So the scheme is focusing on keeping its current members.
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Country Report
Italy: Economic reality bites hard
Job losses and a tough economic environment are forcing pension funds Fonchim and Cometa to review and restructure their investment objectives, writes Carlo Svaluto Moreolo In testing times for the Italian job market, two of the country’s largest pension schemes, Fonchim and Cometa, are gradually adjusting their investment strategies to ...
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Country Report
Italy: ENPAM gets back into gear
Embroiled in a scandal in 2011, has ENPAM now turned the corner? Carlo Svaluto Moreolo reports The ENPAM pension fund for medical professionals published its balance sheet in May, reassuring members that the dark days of the past are finally over. In 2012 the fund recorded a €1.3bn budget surplus ...
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Country Report
Italy: Mangusta Risk advocates pension funds spend more time on passive portfolios
Any adviser, large or small, would have seen an opportunity when the Italian pension market opened up less than 20 years ago, with the establishment of many new medium and large-sized pension schemes.
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