ESG & Strategic Activism
The team ensures the propagation and implementation of the principles of sustainability of investments (Socially Responsible Investments - SRI) and ensures the integration of environmental, social and governance factors (ESG) in the core business processes by coordinating the structures involved within the Company also relating with the competent Group structures. It is responsible for the development and implementation of corporate policies and guidelines in SRI and ESG and for the proper conduct of related operational processes. The team oversees the correct and effective performance of activities relating to the exercise of voting rights for the shareholdings held by the assets managed by the Company and ensures the performance of engagement activities with relevant issuers in relation to corporate governance issues as well as those relating to environmental, social and ethical issues.
The Equity team is composed of portfolio managers and analysts specialized on sectors and geographical areas. The products stand out for active management, with an approach that combines the study of the global macroeconomic cycle (top-down) to the fundamentals’ analysis of the single listed companies (bottom-up).
Each company is carefully studied in order to identify those securities that appear to be more attractive from a valuation point of view and/or for the expected dynamics of profits growth. The team makes us of quantitative and fundamental analysis models, by means of both internal and external competences.
Claudio Marchetti – Head of Equity
Claudio graduated in 1998 from the University of Rome “La Sapienza” with a Degree in Statistical and Economic Sciences. He then obtained a Master in Finance from Coripe Piemonte. Claudio began his career in the asset management industry as Risk Analyst. He was then appointed Head of Management of Asset Allocation products and Head of Management of Total Return and Quantitative Equity products at Capitalia Asset Management. In 2008 he moved to Dublin at Pioneer Investments as Quantitative Equity Portfolio Manager. In 2011 he was appointed Head of Risk Management and he coordinated the activities of about 60 people at global level. In March 2012 Claudio joined Eurizon Capital SGR, where he was appointed Head of Equity.
Fixed Income & FX
The 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.
Paolo Bernardelli - Head of Fixed Income & FX
Paolo graduated in 1987 in from L. Bocconi University with a degree in Business Economics and a specialization in Administration and Control.
He began his career in Banca Commerciale Italiana, where he worked on Budget and Financial Analysis, collaborating also with ABI and with Centrale dei Bilanci of Turin. Paolo then held several positions as analyst and financial trader for Sanpaolo Finance Merchant Bank and was later appointed Head of Arbitrage and Head of Trading for Sanpaolo Finance Promotio Sim. He joined Sanpaolo Asset Management SGR (now, Eurizon Capital SGR), in 1995 as Head of Domestic Bond Funds, and he later became Head of Fixed Income and Foreign Exchange.
The team uses a fundamental research approach to identify securities to invest in both in the European and North American equity markets. The investment ideas are included in a Securities List which is distributed around the firm and used to build the portfolios managed by the team. The investment process, which is carried by a team of sector specialists, involves in depth sector and stock analysis, as well as building valuation models and tapping into external expertise.
Francesco Sedati – Head of Fundamental Research
Francesco started his career in 1999 at Arthur Andersen in the business consulting unit, after obtaining a degree in Economia e Commercio (Business Administration) at the “LUISS – Guido Carli” University of Rome. In 2000 he moved to the US to join Fayez Sarofim & Co as a research analyst on US banks. He moved to London in 2002 to study an MBA at the London Business School. He joined Fidelity International in 2004 as a research analyst to cover initially the European technology sector and later European banks. In 2009 he moved to JP Morgan Asset Management with the role of research analyst on European banks and in 2014 took the role of Fund Manager managing various funds and institutional mandates for the European RDP team (Research Driven Process). He joined Eurizon Capital Sgr in 2019 where he is heading the Fundamental Research team.
Global Strategies & Total Return
Within 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
Claudio Foschi - Head of Global Strategies & Total Return
Claudio obtained his degree in Economics and Social Sciences at Bocconi University in Milan, and he started working soon after in Cariplo, at first as equity and fixed income analyst and then as Head of the Financial Analyses Office. In 1996 he was appointed Head of Managed Accounts in Cariplo and then in Fondigest. In 2000 he became Head of Strategy Products Sector of Nextra. In 2005 he was appointed Head of the Multi Asset and Multimanager Products Area of CAAM SGR. In December 2007 Claudio was appointed Head of Multi Asset and Multimanager Products of Eurizon Capital SGR. Starting in February 2011 he is Head of Global Strategies & Total Return.
Real & Alternative Assets
The 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.
Massimo Spadotto – Head of Real & Alternative Assets
Massimo obtained an honours degree in Economics of Financial Markets and Institutions, specialising in quantitative methods, at Università L. Bocconi in Milan, and was also an exchange student at the New York University – Leonard N. Stern School of Business. He worked as a structured finance specialist in the London offices of Deutsche Bank AG, Royal Bank of Scotland PLC, and Bear Stearns Company Inc., with previous experiences as an investment banker with Merrill Lynch.
After the international experience, he joined Eurizon Capital SGR in 2015, where he is currently Head of Real and Alternative Assets.
Wrapping & Product Management
The team develops and manages quantitative methodologies for the construction of asset allocation model portfolios and is responsible for Managed Accounts for Institutional, Private and Retail Clients, for the selection of third parties’ funds and for the management of funds of hedge funds. Strategic and tactical asset allocation portfolios have both the aim of supporting the internal investment process and advising external clients. Moreover, that activity is enriched with the elaboration and the implementation of ex-ante simulation methodologies for products and investment services.
Managed accounts allow for a distribution of assets among different macro asset classes (equity, fixed income and liquidity). The fund manager, within the mandate and with respect to the different investment profiles, carries out tactical asset allocation choices among the single components on the basis of macroeconomic, fundamental and technical analyses.
The selection of third parties’ fund managers is done through a rigorous process of quantitative analysis of performances and of risk characteristics of the different funds and through the direct and in-depth qualitative knowledge of asset managers, with the objective of identifying the best solutions for multimanager products’ management.
The team is also in charge of managing funds of hedge funds and it elaborates tactical allocation and hedge fund investment suggestions, by developing quantitative models of asset and risk allocation.
Oreste Auleta - Head of Wrapping & Product Management
Oreste graduated with a degree in Business in 1995 from “La Sapienza” University in Rome. He later obtained a master in Quantitative Economics at CORIPE Piemonte and a master in Economics at Birkbeck College in London. After a brief experience in the economic consultancy sector in London, in 2000 he entered the asset management industry where he held the positions, throughout years and in different companies, of head of third parties’ fund selection and of multi-brand products’ management, head of management of asset allocation global products and head of multi asset products’ management. In May of 2010 Oreste joined Eurizon Capital where he was initially appointed Head of Asset Allocation & Manager Selection. Since February 2011 he is head of the Wrapping & Product Management area.
The 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.
Andrea Conti - Head of Macro Research
Andrea obtained his degree in Economics at Bocconi University in Milan. He entered IMI Sigeco in 1994 as economist, and he remained there until 1996 when he moved to Deutsche Bank with the same role. He transferred to Paris in 2000 holding the position of Economist- Strategist for CAI Cheuvreux and in 2003 he came back to Italy. He then entered Sanpaolo Asset Management SGR, now Eurizon Capital SGR, with the same role. From July 2005 he is head of Macro Research.