A broad and diversified product range, such as the one offered by the Eurizon Capital SA, requires the combination of numerous skills.

The management teams are coordinated by:

Emiliano Laruccia – Head of Investments

Emiliano graduated in 1997 from L. Bocconi University with a degree in Economics, and then continued at the same institution as a teaching assistant at the Faculty of Economics of Financial Intermediaries. He earned a master in finance from the London Business School, and later attended the Summer School in Econometrics. From 1998 to 2000, he was quantitative analyst at the Research Department of Banca Commerciale Italiana. In 2000, he joined Sanpaolo Asset Management SGR (now, Eurizon Capital SGR), as part of the Wealth Lab team, where he was responsible for structuring capital-protected products and involved in multi-manager business set up. In 2003, he became Head of Balanced and Structured Products in Sanpaolo Asset Management Luxembourg S.A (now, Eurizon Capital S.A.). Emiliano Laruccia was appointed Head of Investments of Eurizon Capital S.A. in 2005 extending his responsibility to Limited Tracking Error (LTE) funds, covering multiple asset classes (equity, bond and money markets).

He is Contract professor at C. Cattaneo University in Castellanza, and the author of numerous works and publications.



The team is made up of portfolio managers specialized in stock markets of developing, emerging and new frontier countries.

The products are managed with an approach that begins with the analysis of the reference benchmark and sets an initial objective of efficient replication, in consideration of the investment constraints and with a particular focus on the liquidity of the selected securities.

The portfolios are then optimized in order to achieve the highest expected return while respecting the assigned limits on Tracking Error Volatility (TEV). The definition of expected returns is obtained through a quantitative approach based on the analysis of factors (e.g. value, growth, momentum, risk), countries and sectors in order to obtain the best risk-return combination, taking into account current market conditions, macro-economic forecasts and valuation analysis.

The team makes use of external and proprietary quantitative models that are appropriately calibrated in relation to the specifics of the markets of reference.

Luigi Antonaci - Head of Equity

Luigi graduated in 2002 from L. Bocconi University with a degree in economics. In 2006, he earned certification as a Chartered Financial Analyst (CFA) Charterholder. His initial work experience was as a teaching assistant. He joined Sanpaolo Wealth Management Luxembourg S.A. (now, Eurizon Capital S.A.) in 2003 as an assistant portfolio manager on the equity team. Starting in 2004, he became portfolio manager for Eurizon Capital S.A. equity sub-funds dedicated to emerging markets and in May 2011 he took the responsibility of the Equity Emerging Markets Desk. As of January 2018 he is Head of Equity.


Fixed Income

The Fixed Income team is made up of portfolio managers who are specialized by financial instrument (money markets, governments).

The management approach used entails a combination of top-down and bottom-up analyses. The investment process is typically top down, and is thus based on analysis of valuation models aggregated by market, and on the expected trend of the economic cycle, interest rates and inflation.

Such analyses are the basis for the allocation decisions with respect to duration of the portfolios, exposure to individual countries, and the various maturities over the yield curve.

Allocation decisions are taken in respect of the assigned limits on Tracking Error Volatility (TEV). 


Andrea Giannotta – Head of Fixed Income

Andrea graduated in 2003 from L. Bocconi University with a degree in Political Economics and a specialization in Monetary and Financial Economics. In June 2004 he got a Master programme in “Risk Management (MARISK)” at Bocconi University. He is regular Guest Lecturer at Perugia University (“Private banking and asset management”) speaking about financial markets with focus on fixed income funds. He joined Eurizon Capital S.A. Luxembourg (former Sanpaolo Asset Management) in 2004 as assistant Fund Manager for Money Market funds and in 2008 became Fund Manager for Fixed Income funds. As of July 2017 he is Head of Fixed Income Desk.


Investment Solutions

The job of the Investment Solutions team is to supply investment solutions and products that meet the varied needs of institutional clients, such as social security funds or banking foundations, giving them access, thanks to the creation of dedicated vehicles, to investment in both liquid asset classes, and illiquid products, such as hedge funds and Private Equity funds. At the same time, the team implements risk overlay of hedging strategies, with the aim of reducing the risk profile of the portfolios, using listed derivatives and OTC products.

The desk also manages Unit-Linked insurance products with a Low Tracking Error approach, the asset allocation of which is focused on funds that are part of Eurizon’s range of products.


Enzo Foschi – Head of Investment Solutions

Enzo Foschi graduated in Economics and Finance in 2012, from Luiss Guido Carli university in Roma, and in 2018 he became a CFA Charterholder. Before relocating to Luxembourg in 2013, he worked in Rome as quantitative analyst for a financial advisory firm. He joined Eurizon Capital SA in 2014, as part of the Balanced and Structured Funds desk, first as Assistant Portfolio Manager, then as Portfolio Manager, supporting the management of balanced funds and capital protected insurance products. In 2018 he moved to the Fixed Income desk, where he managed LTE government bond funds. He has been Head of Investment Solutions since July 2019.

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