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Press Release

The Fund is the largest investor in the non-performing loan market in Italy and among the biggest investors in the world, thus ensuring a strong Italian institutional presence in the industry.

The Fund is involved in four securitizations of approximately Euro 31 billion gross of NPLs, with an investment of about Euro 2.5 billion.

27 Oct 2017

The Shareholders’ Meeting of “Atlante II” Fund met today in Milan and voted unanimously to rename the Fund to “Italian Recovery Fund”.

The Investor Committee appointed today by the Fund’s Meeting is made up as follows:

  • Francesco Ceci

  • Giovanni Gilli

  • Marina Natale

  • Ranieri De Marchis

  • Filippo Casagrande

  • Massimo Molinari

  • Edoardo Ginevra

  • Pierfrancesco Latini

  • Michele Crisostomo

Established thanks to the commitment of many Italian and international financial institutions, at a time of crisis in the Italian banking system to exclusively invest in the impaired loans, the Italian Recovery Fund is the largest investor dedicated to Italy’s NPL market and among the biggest investors in the world. It is currently involved in four securitizations of approximately Euro 31 billion gross of NPLs (about half of the total Euro 65 billion of operations estimated by the IMF for 2017 in Italy) with a total investment of about Euro 2.5 billion.

Its presence in the market at this delicate stage allowed to solve, by means of divestments or recapitalizations, many situations of bank crises, including Nuova Banca Marche, Nuova Banca dell’Etruria, Nuova Cassa di Risparmio di Chieti, Nuova Cassa di Risparmio di Ferrara, Banca MPS, Cassa di Risparmio di Cesena, Cassa di Risparmio di Rimini and Cassa di Risparmio di San Miniato, ensuring the presence of an Italian institution in a market otherwise dominated by foreign investors.

The Fund, having committed almost all of its availability, has now entered the stage of recovery management that will be crucial to earn the expected returns. Given the size of the non-performing loans under management, the Fund implemented a recovery strategy based on:

  1. A number of special servicers, with an emphasis on the biggest market players, to safeguard (a) the efficient management of huge amounts of NPLs and (b) the necessary competition among the different stakeholders, taking into account the specializations by credit type.

  2. The role of the master servicer, to aggregate data and monitor the recovery flows, and

  3. a presence inside SGR of an oversight and control team for the most relevant practices.

By virtue of its leadership position reached in Italy in structuring and investing in securitization of NPLs, Quaestio Capital SGR intends to launch other investment initiatives in the Italian distressed asset sector in the next few months, to further maintain an important role in the NPL market also in 2018 and over the coming years.

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The information in this document is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained in this document may change and reflect the point of view of Quaestio Capital SGR S.p.A. in the current economic environment and might change. 
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