DeA Capital Re Sgr, CEO Caniggia resigns after Bankitalia measures

A packed board meeting - which began in the morning - and closed doors until yesterday evening, at the end of which CEO Emanuele Caniggia relinquished his powers as director, retaining his position as director. Those necessary to ensure the continuation of the various company functions were conferred on Andrea Casarotti. A sort of 'regency' to ensure operational continuity until the shareholders' meeting appoints the new governance bodies.

What was supposed to be simply, until three days ago, for DeA Capital Real Estate Sgr, only the approval of the management report as at 31 March of the Alpha listed fund (on the MIV segment of the Italian Stock Exchange) - which, moreover, took place without changes - has turned into a day after. At the centre, the results of the Bank of Italy's inspections, which lasted several months and were completed in December 2025, warning of an exposure to the risk of money laundering and the need to take urgent action, according to the indications of the measure received. That is, a remedial plan, a new business plan, but above all, a reset of top management and company officers. Banca d'Italia has called for a replacement of the majority of the members of the board of directors and the board of auditors, including chairman Gianluca Grea and CEO Emanuele Caniggia. The positions must be held by members who have not previously held offices or operational roles at the SGR and with the presence of at least one director with strong anti-money laundering skills.

An action plan was also requested, the guidelines for which were provided, including a plan to remedy the Bank of Italy's findings, an assessment of the strengthening of the organisational structure and staffing of the control functions, and a new business plan that would also take into account the increased costs. Banca d'Italia then requested that no new funds be launched to non-institutional clients. The SGR had immediately declared its intention to take 'any action necessary to comply without delay with the Authority's request'.

Finally, there is a further element to be noted: in the report of the board of auditors, attached to the 2024 financial statements of DeA Capital Re Sgr, it is striking that it mentions the issuance, by the auditors, of 'an opinion to the Bank of Italia on an extraordinary audit requested by it relating to transactions and subjects referable to the Fia managed Third Eye'. This is a closed fund. More is not said and it is not clear whether or not this is related to the current affair.