{"id":9871,"date":"2020-07-09T11:14:05","date_gmt":"2020-07-09T09:14:05","guid":{"rendered":"https:\/\/www.compagniadisanpaolo.it\/?page_id=9871"},"modified":"2025-06-17T13:36:49","modified_gmt":"2025-06-17T11:36:49","slug":"asset-management","status":"publish","type":"page","link":"https:\/\/www.compagniadisanpaolo.it\/en\/the-foundation\/asset-management\/","title":{"rendered":"Asset Management"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column][vc_column_text css=&#8221;&#8221; el_class=&#8221;text-headline2&#8243;]FCSP supports its philanthropic mission with income from the <strong>management of its financial assets<\/strong>, which amounted to \u20ac10.1 billion, measured at market values as at 31 December 2024.[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row_content_no_spaces&#8221; el_class=&#8221;txt-img txt-sx row&#8221;][vc_column width=&#8221;5\/12&#8243; el_class=&#8221;mb-5 mb-lg-0&#8243; offset=&#8221;vc_col-sm-offset-1 vc_col-xs-offset-1 vc_col-xs-10&#8243;][vc_column_text el_class=&#8221;txt-img mb-0&#8243;]\n<div class=\"text\">\n<p>FCSP\u2019s assets are managed according to the principles of <strong>diversifying financial risks, while conserving and increasing the real value<\/strong> of the portfolio in the long term. FCSP\u2019s assets derive from the process of <strong class=\"hl\">privatisation of the Turin-based bank Istituto Bancario San Paolo di Torino<\/strong>, which began in the 1990s.<\/p>\n<\/div>\n[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1594308687660{background-image: url(https:\/\/www.compagniadisanpaolo.it\/wp-content\/uploads\/GESTIONE-PATRIMONIO.jpg?id=5232) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221; offset=&#8221;vc_col-sm-offset-0 vc_col-xs-offset-1 vc_col-xs-10&#8243;][vc_empty_space el_class=&#8221;fill-square&#8221;][\/vc_column][\/vc_row][vc_row el_class=&#8221;txt-img txt-sx row&#8221;][vc_column el_class=&#8221;mb-5 mb-lg-0&#8243; offset=&#8221;vc_col-sm-offset-0 vc_col-xs-offset-1 vc_col-xs-10&#8243;][vc_column_text el_class=&#8221;txt-img mb-0&#8243;]\n<h3 class=\"title\">Strategic diversification of investments<\/h3>\n<div class=\"text\">\n<p>Initially, FCSP\u2019s assets were invested entirely in the transferee bank, but as a result of a policy of diversification, they are <em><strong>now invested in a wide range of financial asset categories on international markets<\/strong><\/em>, including <strong>global listed shares<\/strong>, government and <strong>corporate bonds<\/strong>, <strong>private equity<\/strong>, <strong>venture capital<\/strong>, <strong>hedge funds<\/strong> and <strong>infrastructure<\/strong>.<br \/>\nAsset management is coordinated and monitored by an <em><strong>in-house FCSP team<\/strong><\/em> led by the <em><strong>Chief Financial Officer<\/strong><\/em> and organised by the Finance Department.<br \/>\nFCSP\u2019s assets consist partly of <strong>direct investments<\/strong>. These include equity investments in institutions such as Banca d\u2019Italia and Cassa Depositi e Prestiti (the state-owned financial institution managing savings collected by the Italian Postal Service Bank), mission-related investments and the <strong>equity investment in the transferee bank<\/strong>, which accounts for about a third of the market value of FCSP\u2019s total portfolio. Secondly, they consist of investments in funds managed by third-party asset managers, which make up the diversified international portfolio.<\/p>\n<p>The funds managed by third-party asset managers are mainly held in two funds of funds, one for <strong>liquid assets<\/strong> and one for<strong> illiquid assets<\/strong>, managed by <strong>Fondaco SGR<\/strong>, an asset management company in which FCSP holds a 38% stake.<\/p>\n<p>Portfolio risk is controlled mainly by diversifying investments by sector, geographical area and issuer, and by carefully assessing the cash requirements of FCSP\u2019s institutional activities, which are met by the revenues generated from asset management. <strong>Investment diversification<\/strong> is ensured by establishing a <strong>strategic asset allocation<\/strong>. Formulated with the aid of a specialist advisors and reviewed every three years, this allocation specifies the proportions of the various asset classes in the diversified portfolio, taking account of the composition and income capacity of the strategic investments.<br \/>\nThe investment process is governed by FCSP\u2019s governing documents, such as its <strong>Constitution, the Regulations Governing Asset Management Methods and Criteria and the corresponding Implementing Document<\/strong>, approved by FCSP\u2019s General Council.<br \/>\nAn <strong>Investment Committee<\/strong>, made up of members of the Management Board and external experts, is tasked with supporting the Management Board and submitting opinions to it.<\/p>\n<\/div>\n[\/vc_column_text][vc_column_text el_class=&#8221;txt-img mb-0&#8243;]\n<h3 class=\"title\">Sustainable investing<\/h3>\n<div class=\"text\">FCSP believes that <em><strong>sustainable investing<\/strong><\/em>, from an environmental, social and governance point of view, must be a component part of the investment policy of an institution with a keen <strong>awareness of the social context in which it operates<\/strong>. A rigorous and <strong>detailed review<\/strong> of the degree of sustainability of individual portfolio investments and the management policies of funds managed by third-party managers is a prerequisite for implementing <em><strong>an investment policy that helps achieve the Sustainable Development Goals delle Nazioni Unite (SDGs)<\/strong><\/em>\u00a0that <strong>FCSP has adopted as the framework<\/strong> for its institutional mission. The Foundation monitors and evaluates any interventions on investment positions in which external managers have not respected the required ESG criteria.<\/div>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_row_inner][vc_column_inner width=&#8221;1\/2&#8243; el_id=&#8221;creare-attrattivita&#8221;][vc_single_image image=&#8221;30057&#8243; img_size=&#8221;full&#8221;][\/vc_column_inner][vc_column_inner el_class=&#8221;txt-col&#8221; width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1603977877944{padding-left: 70px !important;}&#8221;][vc_column_text css=&#8221;&#8221; el_class=&#8221;txt-img mb-0&#8243;]\n<h3 class=\"title\">Portfolio composition<\/h3>\n<div class=\"text\">\n<p>At the end of 2024, <strong>the total market value of Fondazione Compagnia di San Paolo\u2019s financial asset portfolio<\/strong> was <strong>\u20ac10.1 billion<\/strong>. As for the composition of that portfolio, as at 31\/12\/2024 the<strong> equity investment in Intesa Sanpaolo <\/strong>(measured at market value as at 29\/12\/2024) accounted for <strong>44% of the total<\/strong>. The <strong>\u201cdiversified\u201d part<\/strong> of the overall portfolio, i.e. the investment in funds of funds managed by Fondaco SGR S.p.A. and liquidity, accounted for <strong>about 48% of the total<\/strong>, and the <strong>remaining 8%<\/strong> was made up of mission-related investments, and other assets and equity investments.<\/p>\n<\/div>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"FCSP supports its philanthropic mission with income from the management of its financial assets, which amounted to \u20ac10.1 billion, measured at market values as at 31 December 2024. FCSP\u2019s assets are managed according to the principles of diversifying financial risks, while conserving and increasing the real value of the portfolio in the long term. FCSP\u2019s assets derive from the process of privatisation of the Turin-based bank Istituto Bancario San Paolo di Torino, which began in the 1990s. Strategic diversification of investments Initially, FCSP\u2019s assets were invested entirely in the transferee bank, but as a result of a policy of diversification, they are now invested in a wide range of financial asset categories on international markets, including global listed shares, government and corporate bonds, private equity, venture capital, hedge funds and infrastructure. Asset management is coordinated and monitored by an in-house FCSP team led by the Chief Financial Officer and organised by the Finance Department. FCSP\u2019s assets consist partly of direct investments. These include equity investments in institutions such as Banca d\u2019Italia and Cassa Depositi e Prestiti (the state-owned financial institution managing savings collected by the Italian Postal Service Bank), mission-related investments and the equity investment in the transferee bank, which accounts for about a third of the market value of FCSP\u2019s total portfolio. Secondly, they consist of investments in funds managed by third-party asset managers, which make up the diversified international portfolio. The funds managed by third-party asset managers are mainly held in two funds of funds, one for liquid assets and one for illiquid assets, managed by Fondaco SGR, an asset management company in which FCSP holds a 38% stake. Portfolio risk is controlled mainly by diversifying investments by sector, geographical area and issuer, and by carefully assessing the cash requirements of FCSP\u2019s institutional activities, which are met by the revenues generated from asset management. Investment diversification is ensured by establishing a strategic asset allocation. Formulated with the aid of a specialist advisors and reviewed every three years, this allocation specifies the proportions of the various asset classes in the diversified portfolio, taking account of the composition and income capacity of the strategic investments. The investment process is governed by FCSP\u2019s governing documents, such as its Constitution, the Regulations Governing Asset Management Methods and Criteria and the corresponding Implementing Document, approved by FCSP\u2019s General Council. An Investment Committee, made up of members of the Management Board and external experts, is tasked with supporting the Management Board and submitting opinions to it. Sustainable investing FCSP believes that sustainable investing, from an environmental, social and governance point of view, must be a component part of the investment policy of an institution with a keen awareness of the social context in which it operates. A rigorous and detailed review of the degree of sustainability of individual portfolio investments and the management policies of funds managed by third-party managers is a prerequisite for implementing an investment policy that helps achieve the Sustainable Development Goals delle Nazioni Unite (SDGs)\u00a0that FCSP has adopted as the framework for its institutional mission. The Foundation monitors and evaluates any interventions on investment positions in which external managers have not respected the required ESG criteria. Portfolio composition At the end of 2024, the total market value of Fondazione Compagnia di San Paolo\u2019s financial asset portfolio was \u20ac10.1 billion. As for the composition of that portfolio, as at 31\/12\/2024 the equity investment in Intesa Sanpaolo (measured at market value as at 29\/12\/2024) accounted for 44% of the total. The \u201cdiversified\u201d part of the overall portfolio, i.e. the investment in funds of funds managed by Fondaco SGR S.p.A. and liquidity, accounted for about 48% of the total, and the remaining 8% was made up of mission-related investments, and other assets and equity investments.","protected":false},"author":19,"featured_media":5237,"parent":9243,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"class_list":["post-9871","page","type-page","status-publish","has-post-thumbnail","hentry","entry","post-inner"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Asset Management - Fondazione Compagnia di San Paolo<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.compagniadisanpaolo.it\/en\/the-foundation\/asset-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asset Management - 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