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Fondo Pensioni del Personale del Gruppo BNL/BNP Paribas Italia
Paolo de Simone chairs the BNL/BNP Paribas Italia pension fund, a hybrid DB-DC plan investing directly in Italian real estate and buyout funds.
Fondo Pensioni del Personale del Gruppo BNL/BNP Paribas Italia
The Fondo Pensioni del Personale del Gruppo BNL/BNP Paribas Italia serves current and former employees of BNL and the Italian operations of BNP Paribas, operating as a closed pension fund with a hybrid defined-benefit and defined-contribution structure. Founded under Italian pension reform frameworks, the fund consolidates retirement savings for one of Italy's largest banking workforces. President Paolo de Simone leads the board, with Ramona Zaccarella serving as Head of Sustainability and Mobile Investment Office, a role signaling the fund's focus on member engagement and sustainable-investment integration. The fund's allocation blends Italian commercial real estate held directly with commitments to external private equity vehicles. Direct property holdings include a mixed-use asset in Sesto San Giovanni, Milan and a commercial building in Rome's Tor Pagnotta district, alongside the fund's own headquarters in the Aldobrandeschi area of Rome. On the private equity side, the fund participates primarily through buyout strategies, engaging with Italian private capital managers. Institutional memberships in AIFI and Mefop confirm active participation in Italy's pension-fund and alternative-asset ecosystems. Through its membership in the Forum per la Finanza Sostenibile, the fund applies ESG criteria to portfolio construction. The sustainability mandate extends to a dedicated Mobile Investment Office, an uncommon structure among Italian pension funds that points to a digital-forward outreach strategy to plan participants. The fund's philanthropic activities include support for Fondazione Telethon. The fund's structural differentiator lies in pairing direct brick-and-mortar real estate with buyout fund commitments, avoiding intermediaries on the property side while relying on external managers for private equity. This hybrid model — uncommon among mid-sized Italian pension funds — gives the board direct control over a portion of plan assets while still accessing diversified private markets exposure through fund structures.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
Italy
City
Rome
Corporate office
Via degli Aldobrandeschi 300, 00163 Rome, Italy
Principals
Paolo de Simone
President of the Board of Directors
Sector focus
Frequently asked questions
Who runs investment decisions at Fondo Pensioni BNL/BNP Paribas Italia?
The Board of Directors, chaired by Paolo de Simone, governs the fund's investment policy. Ramona Zaccarella, as Head of Sustainability and Mobile Investment Office, oversees ESG integration and digital member services. Day-to-day management is supported by the fund's internal staff and external advisors.
How does the fund source its real estate investments?
The fund holds a direct portfolio of Italian commercial and mixed-use properties, including assets in Milan and Rome. Direct ownership bypasses fund structures for real estate, allowing the board to manage tenant relationships and asset-level performance in-house. This is uncommon among Italian pension funds of comparable size.
Is the fund structured as a defined-benefit or defined-contribution plan?
The fund operates a hybrid structure combining elements of both defined-benefit and defined-contribution models, classified technically as a cash-balance plan. This design reflects Italian pension reform frameworks and the collective bargaining agreements governing BNL and BNP Paribas Italia employees.
Does the fund make direct private equity investments or only fund commitments?
The fund commits to external private equity vehicles, focusing on buyout strategies within Italy. There is no evidence of direct co-investment or direct private equity alongside the fund commitments. Real estate is the sole asset class held directly on the fund's balance sheet.
How does sustainability factor into the fund's investment approach?
Sustainability is embedded through the fund's membership in the Forum per la Finanza Sostenibile, Italy's primary sustainable-finance industry body. Ramona Zaccarella's dedicated sustainability mandate and the Mobile Investment Office initiative indicate a strategy of integrating ESG criteria into manager selection and member communications.
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