Algebris Investments inaugurates the PIR space by launching the Algebris Core Italy Fund, a sub-fund of Algebris UCITS Funds plc.
The Fund will invest primarily in credit and equity securities of Italian companies, focusing on the small and mid-capitalization segment of the market. The credit/equity split will be opportunistically managed and is expected to start at 70/30. The firm leverages its in-depth knowledge of the Italian financial and corporate sectors to unearth a broad, diverse range of opportunities in the country.
The Fund complies with the requirements of the PIR regulation introduced in Italy (tax-exempt and long-term individual savings plans).
The firm has appointed Luca Mori as Italian Equity Specialist, to expand its expertise in the domestic equity market. Mr Mori will build on Algebris’ investment capabilities, providing research support to the portfolio management of the Fund, and will report to CEO and founder, Davide Serra. He will be joined by Italian equity analyst Federica Bombelli.
Mr Serra commented: “The launch of the Algebris Core Italy Fund marks an important milestone for Algebris Investments. Having maintained a historical footprint and a loyal, solid investor base in Italy since inception of the firm, we are now looking to invest and contribute to the country’s recovery. PIR saving plans represent a tremendous opportunity for Italian savers and we are offering an attractive and fairly priced solution to investors who seek exposure to the Italian recovery via “best-in-class” companies and solid compounders.”
