Massimo Fuggetta

Massimo Fuggetta

Chairman and Chief Investment Officer

Massimo is the founder, Chairman and Chief Investment Officer of Bayes Investments.

He started his investment management career in 1988 at JP Morgan Investment Management in London, where he rose to become Head of the Global Balanced Group, with responsibility for international balanced portfolios. In 1999 he left JPMIM to become Chief Investment Officer, Director General and then CEO at Sanpaolo IMI Asset Management in Milan. He left the company in 2001 to start Horatius, an investment advisory company incorporated in 2004, which in 2007 became an asset management company. He left Horatius in 2012 to go back to London, where in 2014 he founded Bayes Investments.

Massimo holds a Doctorate (DPhil, 1991) and Master’s Degree (MPhil, 1987) in Economics from the University of Oxford (Trinity College). He graduated in Economics at LUISS, Rome in 1984. He taught Behavioural Finance in the Master in Economics course at Bocconi University
in Milan in 2000-2002 and in the same period served in the Editorial Board of the Financial Analysts Journal.

In 2012 Massimo started the Bayes blog at, which has acquired popularity in the Value Investing community.