Popolare Vicenza CEO Says Time Running Out As Private Equity Shuns Deal
<p>Private equity funds are not interested in investing in the two Veneto-based banks Italy is trying to rescue, sources said, as Popolare di Vicenza's chief executive warned time was running out to secure a bailout deal.</p>
<p>Italy has until the end of June to get European authorities to agree to a state rescue of the two banks, which risk being wound down under 'bail in' rules that would hit investors to shield taxpayers.</p>
Italy Starts To Emerge As A Centre For Family Office Activity
Italy has some of the world’s most famous family businesses, but when it comes to family offices it’s a different story, with very few of them being set up. That might be beginning to change.
Pope Francis Taps Notre Dame Chief Investment Officer For Vatican Bank
In December 2016 the Vatican announced that the lay board of the Institute for Works of Religion (IOR), also known as the Vatican Bank, had added three new members bringing the total count to seven. This represented an effort to think outside the box for the IOR in the sense that it showed not only a strong support for reform and change within the Vatican institution, but also openness toward world-renowned lay experts and professionals to bring attention to the balance sheet.
Trio Of Italian Pension Funds In €1.8B Merger
<p dir="ltr" id="docs-internal-guid-7dc7e331-6635-0eeb-7af3-1f2b0c901cb6">The three Italian pension schemes for employees of co-operatives are to merge, creating a single DC scheme with €1.8bn in assets and more than 117,000 members.</p>
<p dir="ltr">The merger was agreed upon by co-operatives associations Agci, Confcooperative, and Legacoop, and the three main Italian trade unions, Cgil, Cisl, and Uil.</p>
<p dir="ltr">The parties issued a joint press release praising the “historical” agreement. The merger between the three existing pension schemes – Cooperlavoro, Previcooper, and Filcoop – will create the fifth-largest pension scheme in Italy by members and the eighth-largest in terms of assets under management.</p>
<p dir="ltr">The statement said: “Trade unions and cooperatives […] are launching the most significant merger project between pension funds in Italy in the private sector.</p>
Pope hires French banker, BBC head to revamp Vatican finance, image
Pope Francis has hired a French fund manager and a British former Governor of Hong Kong to revamp the operations and image of the Vatican’s bank.
The appointments are the latest development in the Pope’s campaign to root out corruption from its financial operations, after a series of scandals involving, among other things, the facilitation of tax evasion by well-connected friends of high-ranking churchmen in Italy.
Qatar SWF Moves in on Italian Retail
Il Qatar torna a guardare al settore immobiliare italiano e lo fa mettendo nel mirino un palazzo uffici nel cuore del quartiere finanziario milanese, in via Santa Margherita, dove ha sede il Credit S...
AXA Real Estate announced the launch of €350M Italian regulated fund and acquisition of office building U10 in Milan for €44.5M
AXA Real Estate Investment Managers announces the launch of a new €350 million Italian regulated fund (the “Fund”) and the €44.5 million acquisition of U10, a prime office building in Milan, Italy from Brioschi Sviluppo Immobiliare, one of Italy’s leading property developers. U10 is the first acquisition AXA Real Estate has made on the Fund’s behalf.
UniCredit Mulls Sale of More HVB Private Equity Investments
MILAN: UniCredit, Italy's biggest bank by assets, is considering the sale of more of its private equity investments managed by its German unit HypoVereinsbank (HVB), its chief executive said on Frida...
Former Google Exec Targets Italy, U.S. With 60M Euro Fund
After working as an executive for Google in Italy, Spain and Portugal, Massimiliano Magrini decided to become a venture capitalist with the goal of supporting entrepreneurism in Europe. He’s now on the verge of closing the debut fund of Milan-based United Ventures at 60 million Euros...
8 of the 20 Oldest Family Businesses Are Italian
Nowadays, the sentiment score for "Italy" + "economy" is pretty negative, but when it comes to family business longevity, no country with entrants in the top 20 comes close.