Epsilon SGR

The active management specialist

Epsilon SGR is a company specialised in active portfolio management.

Established in 1997 as a pole of competence in quantitative portfolio management, Epsilon SGR extended its range of activities in 2008 to embrace multi-strategy management with total return investment goals, and thanks to Banca IMI’s entry as a shareholder in 2010, a new family of products was added featuring risk management and investment protection methodologies typical of investment banking.

Since 3 June 2019, Epsilon SGR has been 100% owned by Eurizon Capital SGR, that previously held a 51% majority shareholding.

Thanks to its history, Epsilon SGR has been able to combine asset management competences (the selection of securities and markets, typical investment process levels) and investment banking skills (structuring of financial instruments, development of investment protection methodologies, sophisticated risk management), and build a team of analysts and managers capable of implementing innovative strategies and of effectively conducting the different stages of the investment process.

 The management teams have many years of experience in these specific fields:

  • Quantitative Investments

    The area headed by Maria Bruna Riccardi is composed by portfolio managers specialized in management models (Multi factorial models for the selection of stocks, Dynamic Strategies, Tactical Asset Allocation). The team components carry out portfolio management or part of them (both directly and through a delegation system) using mainly quantitative models. With that purpose, the team also carries out activities for the development of the models in use and research of new models that can be of interest for the management of assets appointed to the company.

    The team is led by Maria Bruna Riccardi.

  • Discretional and Total Return Investments

    The area headed by Luca Sibani is composed of portfolio managers specialized for type of issuer and financial instrument (money markets, governments and spread products). The components carry out portfolio management or part of them (both directly and through a delegation system) at high discretion with the objective of generating returns by controlling risks for the part of products in securities that are exposed to certain reference markets and/or asset classes. On the basis of the performed analyses the reference scenarios that support investment views’ definition are elaborated.

    The team is led by Luca Sibani.

Epsilon SGR is led by Oreste Auleta.


The composition of the Company’s Board of Directors and Supervisory Board is detailed below.

Board of Directors

Saverio Perissinotto Chairman
Oreste Auleta CEO and General Manager
Gianluigi Baccolini Independent Board Member
Salvatore Bocchetti Independent Board Member
Rodolfo Masto Independent Board Member
Sabrina Racca Board Member
Elisabetta Stegher Board Member

Supervisory Board

Flavio Ceruti Chairman
Francesco Spinoso Standing Supervisory Board Member
Luciano Matteo Quattrocchio Standing Supervisory Board Member
Roberta Benedetti Alternate Supervisory Board Member
Massimo Bosco Alternate Supervisory Board Member


For further information, visit www.epsilonsgr.it

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