19 February 2021

The great opportunity of Alternative PIRs

In 2021 Italian savers have at their disposal an extremely cost-effective investment tool: Alternative PIRs (Piani Individuali di Risparmio – Individual Savings Plans). Like the original PIRs launched in 2017, Alternative PIRs enjoy a significant tax advantage: exemption from capital gains tax after a 5-year holding period. Both also have zero inheritance tax. The substantial […]

27 May 2019

Three proposals to relaunch PIRs

With the Decree of 30 April 2019, the Italian government confirmed the changes made earlier this year to the law on Individual Savings Plans (Piani Individuali di Risparmio, PIR) introduced in 2017. The decree specifies that PIRs opened from 2019 onwards must be invested for at least 3.5% in companies listed on AIM and for […]

31 August 2016

Why so few?

It is known in finance as the equity home bias puzzle: investors’ preference for domestic equities and their consequent portfolio overweight compared to the precepts of standard theory. Not in Italy. While laden with domestic government bonds, Italian investors have no penchant for domestic equities. They don’t think of equities as domestic vs. foreign: Italian […]

Alessandro Ciravegna

Alessandro has more than 30 years experience in financial markets. He began his career at Merrill Lynch in London and subsequently joined Citigroup in various investment advisory and business management functions in London, Milan, Athens and New York. In 2002, he founded New College Capital Ltd to provide specialist investment advice to European investors.

Alessandro Ciravegna

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