Eurizon Capital SGR
Eurizon Capital SGR S.p.A. is the company at the Head of the Intesa Sanpaolo Group’s Asset Management division. Specialised in asset management for both retail customers, with a range of mutual investment and wealth management products, and institutional clients, with an offer of specific investment service products.
Eurizon Capital SGR S.p.A. also meets the needs of third party distributors, such as banks and networks, and fosters relationships with them by providing tailored information and training services, developed by dedicated teams.
The range of Italian products includes funds and investment solutions managed by teams made up of professionals with many years of experience, who use rigorous investment processes and are specialised in multiple of management styles.
Specifically, the Investment Director, Alessandro Solina, heads the following teams:
Equity Research & Portfolio Management
The Equity Research & Portfolio Management team is formed by portfolio managers and analysts specialised by business area and geographical region. The products are managed actively, with an approach that combines global macro economic cycle analysis (top down) and research on the fundamentals of each individual listed company (bottom up). Individual companies are studied in depth to identify the names that hold more appeal in terms of valuation and/or expected earnings growth. The team uses proprietary fundamentals analysis models, as well as research services provided by third companies.
The team is led by Francesco Sedati.
ESG & Strategic ActivismThe ESG & Strategic Activism team is tasked with the diffusion and implementation of Socially Responsible Investments (SRI), promoting the integration of Environmental Social and Governance factors (ESG) into the investment process, and is responsible for the development and implementation of company ESG and SRI policies and guidelines, as well as for the correct running of all the related operational processes, in coordination with both the Company’s internal functions and with the competent Group functions.
The team supervises the correct and efficient conduct of activities tied to the exercise of voting rights for the shareholdings pertaining to the assets managed by the Company, and guarantees engagement with relevant issuers on corporate governance, environmental and social themes.
The team is led by Federica Clavetti.
Fixed Income & FXThe Fixed Income & FX team is composed of portfolio managers and analysts specialized on issuer and financial instrument type (money markets, government bonds, emerging markets bonds, corporate bonds and currencies).
Fixed income funds follow an approach that combines top-down and bottom-up analyses.
The investment process of government bonds products is typically top-down, that is based on the analysis of valuation models aggregated for market typology and based on the expected course of economic cycle, interest rates and inflation. Allocation decisions in terms of portfolio duration, exposure to single countries and various maturities of the yield curve derive from these analyses.
The investment process of non government bonds products combines the economic cycle analysis (top-down approach) to the in-depth study of single companies (bottom-up approach), with the aim of assessing issuers’ credit risk.
The team is led by Paolo Bernardelli.
Flexible Portfolio ManagementThe Flexible Portfolio Management team includes three groups of managers that take three different approaches: strategic allocation, thematic allocation, and dynamic allocation. The groups’ activities differ mostly in terms of the time horizon of the investment (respectively medium, long and near term) and the rues followed in implementing the choices made.
The team conducts investment activity combining a quali-quantitative top-down approach with a bottom-up qualitative approach, and uses both proprietary and third-company skills and models. The models used range from asset allocation, to sector allocation and stock picking. The team builds Model Portfolios consistently with the investment strategies indicated and in respect of the investment processes. It also carries out risk budgeting analyses, with focus on flexible “volatility target” portfolios, allocating and monitoring risk across the various strategies and sub-portfolios that make up the assets managed. Within this framework, the team monitors the ex-ante and ex-post trend of volatility, for flexible portfolios in particular.
The team is led by Fabrizio Fiorini
Global Strategies & Total ReturnWithin the Global Strategies area, the team carries out investment and portfolio allocation decisions, typically multi asset and multi instrument (funds of funds, managed accounts, unit linked), on the basis of market and single instruments’ analyses (funds, Etfs, securities, derivatives, etc..), using both internal and external competences. Portfolio management is discretionary, although it is also supported by quantitative analyses. There are two different approaches, providing both management of products relative to a benchmark and flexible products with a given risk profile.
The team uses in particular fundamental analyses, especially top-down, technical market analyses, analyses of financial flows and liquidity, as well as proprietary quantitative models in order to select asset classes, markets and securities that appear to be more attractive and consistent with the mission of various products from time to time. Tactical management and market timing are carried out mainly through listed derivative instruments (futures). Third parties’ fund selection is done through a rigorous process internally developed and monitored by the Manager Selection team. The team provides asset allocation indications to the rest of the Investments Department.
The products managed by the team with a Total Return philosophy, although including different management approaches, aim at achieving a return* target within a specific time horizon with respect to a given risk budget. The investment process generally combines proprietary absolute return strategies (mainly) with strategies delegated to primary third parties fund managers. Typical of the total return process are the discipline in the drawdown control and the search for relatively stable results throughout time.
The team is led by Claudio Foschi
HNWI Portfolio ManagementThe HNWI Portfolio Management team is dedicated to the management of the assets of high net worth individuals and businesses. It collaborates actively with Intesa Sanpaolo Private Banking and with Banca dei Territori, assisting them in providing tailored advice for Customers, establishing long-term relationships built on trust, also by means of meetings and dedicated events.
The team offers an extremely broad and diversified range of investment options, that include wealth management, investment funds, and insurance solutions with different risk profiles and levels of personalisation. Highly diversified benchmark-based strategies are an option, as well as more flexible strategies, with volatility caps.
The portfolios distribute assets across different macro asset classes (stocks, bonds, liquidity). The team is responsible for the construction of model portfolios, and makes strategic asset allocation choices among individual components based on macroeconomic, fundamentals, and technical analyses. To assure greater timeliness and efficiency in making tactical choices, for some time the team has been using internal UCITS – managed by the team itself – that adopt strategies focused on shorter time horizons (mostly using securities, options and futures).
The team is also responsible for the choice of instruments used to implement investment decisions. Securities, ETFs, and funds are carefully selected also making the most of the experience and Fund Selection skills built up by Eurizon.
The team is led by Emilio Bianchi
Investment SolutionsThe team develops and manages quantitative portfolio construction methodologies, is in charge of both institutional and individual wealth management, as well as of sustainable strategies and selecting third-party funds.
Strategic and tactical asset allocation portfolios are geared both to supporting internal investment processes and to providing advice for external clients. In addition, the team works on the elaboration and implementation of ex-ante simulation methodologies for investment products and services.
Wealth management is based on a distribution of assets among different macro classes. Fund managers, as part of their mandate and in function of the different investment profiles, make tactical asset allocation choices for the individual components based on macroeconomic, fundamentals, and technical analyses.
Sustainable strategies provide for both the management of portfolios based on financial sustainability or ESG logics, and the monitoring of issuers with respect to ESG and SRI themes. The selection of third-company mangers is made based on a strict quantitative analysis of the performances and risk profiles of the various funds, and on direct and deep qualitative knowledge of the asset managers, with the aim of identifying the best solutions for the management of multimanager products.
The team is led by Claudio Marchetti
Real & Alternative AssetsThe Real & Alternative assets is composed of portfolio managers and analysts specialized in non conventional investments. The team primary focus is the investments on private markets both performing and non performing (bilateral or syndicated), real estate debt, structured finance and infrastructures.
The strategic asset allocation, typically with a top down approach, is implemented via the selection of eligible assets after a scrupulous bottom up due diligence. The team makes use and develops software and internal models that are placed side by side to the reference markets main tools and platforms.
The team is led by Massimo Spadotto
Macro Research & Product SpecialistThe team coordinates market and macroeconomic analyses, suggests the reference macroeconomic scenario and supports management teams with the implementation of investment guidelines, tactical decisions and portfolios’ asset allocation.
The team is led by Andrea Conti
The composition of the Board of Directors and of the Supervisory Board is detailed below.
Board of directors
|NAME AND SURNAME||POSITION|
|Daniel Gros||Vice President (independent)|
|Saverio Perissinotto||CEO and General Manager|
|Emanuele Maria Carluccio||Independent Board Member|
|Maria Luisa Cicognani||Independent Board Member|
||Independent Board Member
|Fabrizio Gnocchi||Independent Board Member|
|Gino Nardozzi Tonielli||Independent Board Member|
|Marco Ventoruzzo||Independent Board Member|
|NAME AND SURNAME||POSITION|
|Luciano Matteo Quattrocchio||Standing Supervisory Board Member|
|Roberta Eldangela Benedetti||Standing Supervisory Board Member|
|Giovanna Conca||Alternate Supervisory Board Member|
|Maria Lorena Carla Trecate||Alternate Supervisory Board Member|