Angelini outlines managed savings reform for innovation
Paolo Angelini, Deputy Governor of the Bank of Italy, presented key reforms to the managed savings discipline at a conference in Rome on January 30, 2026. The reforms aim to simplify regulations and enhance financial market competitiveness to address Italy's innovation deficit.
Three pillars of managed savings reform
The reform introduces three key changes to managed savings.
First, smaller asset managers, termed 'sub-threshold' managers, will operate under a simplified registration regime, foregoing micro-prudential supervision.
Their services remain reserved for professional investors.
Second, 'società di partenariato' (SP), or partnership companies, are introduced as closed-end vehicles for professional investors in venture capital and private equity.
Modeled on limited partnerships, these offer a hybrid structure combining elements of SICAFs and SGRs.
Third, private pension funds ('Casse previdenziali') are now explicitly recognized as professional investors by right, streamlining their engagement with financial intermediaries and reducing verification burdens.
This aims to encourage their more active role in sub-threshold funds and partnership companies.
Addressing Italy's innovation deficit
The reforms are set against a backdrop of a persistent 'innovation deficit' in Europe and Italy, characterized by low investment in risk capital despite ample savings.
This is partly attributed to a bank-centric financial system and a reduced appetite among institutional investors for long-term, illiquid, high-risk projects like venture capital and private equity.
Public investment, such as that by Cassa Depositi e Prestiti, plays a crucial role, but the overall sector remains underdeveloped.
The reform also acknowledges the importance of financial education to mitigate the low risk propensity of European households.
These efforts align with broader EU initiatives like the Savings and Investments Union.
Necessary, but not a silver bullet
The reform introduces important novelties and streamlines regulation, yet avoids radical shifts in a stable sector.
Angelini's caution on simplified supervision for 'sub-threshold' managers, recalling past failures, highlights a clear risk.
While a welcome step, this reform alone cannot fully resolve Italy's deep-seated innovation deficit.