How Italy’s biggest banking foundations invest

There are 85 bank foundations in the Italian charity sector, 12 of which each hold more than €1bn in assets, and they are making efforts to move towards larger, more efficient management structures using multi-asset and strategic mandates (Reuters/Tony Gentile)

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Born out of a landmark 1990 reform that separated savings banks from their philanthropic arms, Italy’s banking foundations have become powerful engines of social and economic impact. We examine how the 12 largest deploy their capital, and where external managers could step in.