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 […]

Guido Manca

Board Member

Guido is the Chief Executive Officer at Independent Strategy Ltd. in London. He runs the company and looks after global marketing and distribution of the firm’s products. He started his career at Salomon Brothers (fixed income) followed by Morgan Stanley (equities). He cofounded Independent Strategy in 1994. He holds an Honours degree in Economics from Trinity College, Cambridge.

Guido Manca

Board Member

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