Bcc Risparmio&Previdenza (R&P), the asset management division of Italy’s Bcc Iccrea banking group, aims to reach nearly 50 billion euros in assets under management by 2028. The new strategic plan follows a strong first half of the year, when the firm managed almost 40 billion euros. Net inflows contributed 2.9 billion euros to that total.
Pir and pension funds drive growth
Inflows came mainly from Italian-domiciled funds and individual savings plans (Pir), as stated by Andrea Cecchini, R&P’s general manager. The company also saw notable expansion in its open pension fund, which he linked to recent regulatory changes. R&P now ranks as the third-largest open pension fund by membership in Italy, serving 214,000 participants.
Cecchini anticipates further growth if proposed rules on pension fund portability are approved. The firm is positioned to gain from such changes, particularly through collective enrollments.
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In April, R&P broadened its international presence by taking over management of two investment vehicles—a Sicav in Luxembourg and an Icav in Ireland. While external managers handle daily operations, R&P maintains governance control. This structure allows the firm to introduce new sub-funds, with plans to increase from 25 to 45-50 compartments by 2028.
Four strategic pillars for expansion
The 2028 plan centers on four priorities. First, R&P will leverage its new management company status to create structured asset allocation products. One example is a capital-protected portfolio developed with UBS, designed to safeguard investors during volatile periods.
The second focus is pensions. Beyond expanding its open pension fund, the company seeks to strengthen relationships with corporate clients through collective enrollment. The third pillar involves artificial intelligence. Later this year, R&P will introduce a virtual assistant for financial advisors, built on a chatbot trained on its managed and life insurance products. The tool will assist with client profiling, generational wealth transfers, and risk evaluation.
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The last priority is deepening the connection between wealth management and corporate banking. Cecchini mentioned plans for a private banking service targeting high-net-worth clients.
Execution hinges on regulatory support, such as pension portability, and the integration of AI tools into advisory workflows. For now, the firm is scaling existing strengths.
The strategy relies on steady growth. The coming quarters will reveal whether this approach can achieve the 50 billion euro target.
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