To best meet client requirements and sustainably create value, our approach is based on:

  • Orderly investment processes

  • Specialised management teams

  • Balance between quantitative and qualitative analysis

  • Integrated risk control systems


Autonomy is fundamental to pursue and develop our business with no compromises or pressure: this is the fundamental successful characteristic of a talent manager.

At Quaestio SGR, investment teams are able to operate within an environment that enables them to pursue their ideas and objectives with the utmost freedom and versatility.


In the establishment and management of mutual funds - UCITSs and AIFs - Quaestio SGR is present in the Italian and Luxembourg markets with a diversified range of continuously evolving investment solutions adapted to the preferences of the most discerning investors.

  • Quaestio Solutions Funds and Quaestio International Funds: UCITS V compliant umbrella funds established under the law of Luxembourg;

  • Quaestio Alternative Funds: AIF umbrella funds established under the law of Luxembourg reserved to professional investors;

  • Quaestio PIR Small Cap: UCITS V fund established under Italian law;

  • Atlante and Italian Recovery Fund: two closed-end alternative investment funds (AIFs) reserved to professional investors, both established under Italian law;

  • Quaestio Italian Growth Fund: Closed-end alternative investment fund (AIF) established under Italian law reserved to professional investors;

  • Closed-end alternative investment fund (AIF) established under the law of Luxembourg reserved to professional investors.

Quaestio SGR also provides individual asset management services.




Quaestio Capital SGR S.p.A. is a Milan-based regulated Asset Management Company (SGR), authorized by Bank of Italy and Consob, dedicated to the management of institutional clients’ assets.

Quaestio SGR is registered with the Italian register of management companies in accordance with article 35 of Legislative Decree no. 58/1998, under no. 43 of section of UCITS management companies and under no. 149 of section of alternative investment funds management companies.

The Management Company has established a branch in Luxembourg, Quaestio Capital Management SGR S.p.A. - Luxembourg Branch (the “Luxembourg Branch”) situated at 5, Allée Scheffer, L-2520 Luxembourg, registered with the Luxembourg Trade and Companies’ Register (RCSL), under no. B 212318.

Quaestio SGR is a wholly-owned subsidiary of Quaestio Holding S.A., a public limited liability company incorporated in Luxembourg and governed by Luxembourg law, with registered office at 8, Rue de Beggen, L-1220 Luxembourg, registered with the Luxembourg Trade and Companies’ Register (RCSL), under no. B 99179.


Alessandro Penati (Chairman)

Francesco Ceci (CEO)

Paolo Petrignani 

Filippo Cicognani

Gianluigi Costanzo

Renato Ferrari

Claudio Marangio

Roberto Romanin Jacur

Carlo Corradini



Alessandro Penati founded Quaestio in 2009. In 1998 he founded Epsilon Associati SGR, an asset management firm specialized European equities and absolute return funds.  Alessandro has been Professor of Finance in a number of leading Business Schools. As economist he worked at the Research Department of the International Monetary Fund, and as consultant at OECD, IMF, the Italian Antitrust, Ministry of the Treasury, and Consob. He received a Ph.D. in Economics from The University of Chicago.



Francesco Ceci is Chief Executive Officer of Quaestio Capital SGR S.p.A. . He has over thirty years of experience in financial markets. Recently he has been CEO of Quadrivio Capital SGR, an Italian asset manager specialized in closed-end funds.
During his career, Francesco has been CFO of Cassa depositi e prestiti, with responsibility of the finance and postal savings area. He has been Managing Director and Head at Global Markets of ABN AMRO Group in Italy. He has also worked in different organizations, in Italy and in the United States, with various responsibilities, dealing with quantitative methods for financial management, structured financial products and in 1996 he has been one of the first manager proposing web based financial intermediation. He holds an MBA from the Kelley School of Business of Indiana University and a degree in Economics from the University of Parma.