sovereign wealth fund coming? The details


A Italian sovereign wealth fund is on the home straight.

Yesterday Parliament took the first steps in this direction. All following the amendment to Raise signed by Sestino Giacomoni, chairman of the supervisory commission on Cassa Depositi e Prestiti as well as member of the coordination of the presidency of Forza Italia.

By acquiring a sovereign wealth fund, Italy could begin to follow the example of Norway however, focusing entirely on saving citizens.

Italy: sovereign wealth fund around the corner?

With the aforementioned Giacomoni amendment, already approved by the Budget Commission, it will be possible to get there in the checking account where the liquid assets of CDP’s assets already flow even those of taxpayers willing to invest their savings.

Maybe with the goal of support the real economy, cornered by the coronavirus, and to strengthen the popular capitalization of companies, while using the existing tax benefits for alternative savings plans.

As specified by the chairman of the supervisory commission:

“The liquidity of the destined assets thus constituted are managed by the Cassa Depositi e Prestiti S.p.A. ensuring the maximum involvement also of the Italian asset management companies to avoid any possible displacement effect of the private capital sector. ”

The example of Norway

The birth of the sovereign wealth fund of Italy would allow the country to follow the example of Norway albeit with a profound difference: the tricolor vehicle would be fueled by Italian savings.

The Norwegian fund was created in 1996 and under the management of the country’s central bank (Norges Bank) it has become the world’s leading sovereign investment vehicle.

In 2019 it set a new historical record, bringing home a profit from almost 180 billion dollars and boasting 70.8% of its equity exposure.

Obviously Norway has also been affected by the coronavirus and the sovereign wealth fund has lost about 125 billion from January to the end of March, during the generalized collapse of the markets.

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