I Most they make the Italian Mid-Caps run. To say it is Eurizon, according to which medium-sized Italian companies have almost tripled the performance of the most capitalized ones thanks to the introduction of individual savings plans, similar to the French Plans d'Epargne en Actions (PEA) and the Individual Savings Accounts (ISAS) of the United United.
In fact, the PIRs have increased inflows to all Italian securities, with a greater impact, however, on small and mid-caps, due to their liquidity. To support it is Francesco DeAstis, head of Italian equity at Eurizon Capital. Asset managers, driven by legislation that aims to encourage savings, can use PIRs to create tax-free investment plans at no extra cost.
The instrument makes savers eligible for exemptions for investments of up to 30 euros a year, for a maximum of 150 euros for five years, if 70% of the investments are directed to Italian companies, and especially SMEs.
The funds therefore offer "a stimulus to invest directly in domestic companies", as De Astis explains. "The tax advantage alone is not enough, given that the investor must be aware of investing in financial products that are mainly domestic". A Pir fund integrated into a personal investment portfolio can therefore be a good opportunity to diversify. The success of the tool in the first months of its introduction is told by the numbers: as of 15 March Eurizon Capital had collected 100 million euros from the sales of Pir.
