The PIRs are monopolizing the attention of investors in these first weeks of 2017. The offer is still limited, but over the next few weeks, many proposals will arrive on the market, characterized by different risk profiles and by a different composition in order to attract a large pool of customers.
The purpose of individual long-term savings plans is now known: to channel household resources towards Italian companies, especially SMEs, to stimulate the real economy by offering retail customers a new long-term investment option but fiscally advantageous: anyone who decides to channel their money on the Pir for at least five years will not have to pay taxes on profitsthus expanding the amount of one's earnings.
FIRSTonline has already covered the main features of individual savings plans and the conditions for accessing them a very detailed article, asking in parallel the opinion of Michele Calzolari, president of Assosim (the association that brings together financial intermediaries) which will be followed by the voices of other protagonists.
Here we will deal with the rain of offers already present and arriving on the Italian market. In the coming weeks, a real "rain of Pir" is expected, offered by numerous companies active in the savings sector. For investors there will therefore be spoiled for choice. Everyone will have the opportunity to choose the plan that best suits their profile, also paying particular attention to the commissions involved and the impact they could have on the earnings deriving from the investment.
PIR: THE SOUL OFFER
The first to enter the PIR market was Anima which, on 9 January, launched on the market with Anima Crescita Italia, a balanced bond fund with a risk profile of 4 (on a scale between 1 and 7). The investment is divided as follows: 65% in bonds, 30% in shares and the remaining 5% in liquidity and can also be subscribed with an accumulation plan with monthly installments of 50 euros (however, the initial investment varies from 500 to 2.000 euros based on class). As far as fees are concerned, an amount similar to that required for the Visconteo fund has been established, which provides for an annual fee of 1,35%, plus a management fee if the manager manages to beat the benchmark . In addition, the manager may apply, at his discretion and in agreement with the customer, an entry commission from 0 to 4%. The product cannot yet be purchased in the bank, pending finalization of the agreements on its distribution with the various credit institutions.
In addition to Anima Crescita Italia, the asset management company also offers Anima Iniziativa Italia, present on the market since 2015, but which can also be used for PIRs. Compared to the previous one, it has a higher risk profile (6 out of 7) being an equity fund focused on Italian small-mid caps.
PIR: THE OFFER FROM PIONEER
By the end of January, Pioneer will land on the Pir market with funds from the Pioneer savings Italy sector. The first fund to arrive has balanced characteristics and plans to invest 30% of the total value in shares belonging to Italian mid and small caps and the remaining 70% in corporate bonds and government bonds.
Within the first half of 2017, the company will also offer its customers a riskier fund. The investment can also be subscribed in installments, with a minimum entry threshold of 50 euros.
PIR: KAIROS' OFFER
Kairos is also aiming for a double, proposing two balanced funds. The first, arriving in the first three months of the current year, will be a Luxembourg sicav with an Italian equity component, a bond component and an equity component with securities issued by non-Italian companies, but with a permanent establishment in our country.
PIR: THE BNP PARIBAS OFFER
Bnp Paribas will enter the PIR market within the first quarter of 2017 with a conservative balanced fund, distributed by Bnl, mainly oriented towards bonds with an annual coupon.
PIR: THE EURIZON OFFER
Eurizon Capital Sgr will offer three funds between February and March: one conservative, one moderate and one dynamic. The risk will vary according to the expected equity component.
PIR: THE MEDIOLANUM OFFER
Mediolanum instead focuses on a container tool. As explained by Edoardo Fontana Rava, director of product development and management of the bank in Milano Finanza, it will be “a fund of funds or a unit-linked policy” capable of “offering greater customization and diversification. At this juncture, the intention is to bring the provision for mini-bonds issued by SMEs into line with the PIRs Sviluppo Italia 2013.
PIR: ARCA FONDI'S OFFER
In the first days of February, Arca Economia Reale Bilanciato Italia will arrive, which will join a pre-existing equity fund: Arca Economia Reale Equity Italia, which already complies with the Pir regulations. The latter invests 70% of the portfolio in shares of Italian companies not belonging to the real estate sector and not included in the Ftse Mib. At the beginning of next month, the share class dedicated to pirs will be available.
As for the new fund, however, the equity investment will be around 30%, while the bond investment will be around 50%.
PIR: ZENIT'S OFFER
Two options for Zenit which will exploit the mutual funds Zenit Obbligazionario (mixed and flexible bond) and Zenit Pianeta Italia, an Italian equity fund specializing in SMEs.
PIR: ERSEL'S OFFER
Ersel plans to amend the regulation of Forndersel Pmi, an Italian equity fund, making it compliant with the PIR legislation. The same is expected for Globersel Pmi Hd.
PIR: THE SYMPHONIA OFFER
Symphonia will create a dedicated class for the existing high-risk Symphonia Azionario Small Cap Italia fund. In addition, there will be a new flexible, low volatility product with a more moderate profile.
