Reinstating the old rules on PIRs, tying the real economy and savings

The PIR market has become inflexible and investment inflows are no longer as positive as they were last year, although performances since the beginning of the year are in double-digit territory in most cases. Tommaso Corcos, CEO of Eurizon, spoke on the theme of how to kick start this market again in his function as President of Assogestioni.
Corcos, six months after the implementation decrees on the new PIRs came into force, spoke of the impact of the new regulations and – given the results – of the measures the Ministry of Economic Development may decide to put in place. Measures that Corcos considers desirable to prevent the stall phase from continuing: “I still hold the view that the inclusion of liquid assets in the portfolio of open funds may create major management problems, and the recent negative developments that have involved some important asset management firms provide a fitting example”.
The Eurizon CEO and President of Assogestioni also answered questions on ELTIFs – “Closed funds are the most appropriate vehicles to invest in venture capital and, more in general, in liquid assets” – and on how to revamp the market. One idea in this direction is to return to the original version of PIRs, with no minimum requirements in terms of investment in the AIM market and venture capital. A theme on which Assogestioni is working hard with the government and other operators.
How do you argue with the opinion that returning to the old rules would hinder the flow of funds addressed to the real economy? “Of the flows invested outside the FTSE Mib index, the AIM market and the small cap segment attracted respectively shares of 2 and 3%, which account for 10% of the float of these markets: these are important numbers”. Not only. According to Corcos, PIRs activated 15 billion euros, attracting a certain type of public and revamping a market that is now at a standstill again.


“Ripristinare le vecchie regole sui Pir, legare economia reale and risparmio” – Il Sole 24 Ore, 20 September 2019



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