Banca Etica, new plans to cope with Etica Sgr's drop in funding

Bankitalia's authorisation finally arrived. Banca Etica has finally closed the deal with Impact Sgr by purchasing 70% of the management company founded by Fausto Artoni, Stefano Gelatti Mach de Palmstein and Gherardo Spinola. Farewell, therefore, to Anima, which until now has managed Etica Sgr's funds on a delegated basis: the handover between the managers is already taking place and in mid-March there will be the definitive transfer. 'Now it will be necessary to expand the distribution relationships for our savings products,' said the president of Banca Etica, Aldo Soldi. 'The first subjects we will talk to will be the current placement partners, popular banks and cooperative credit institutions. Moreover, Etica Sgr's funds can now also be purchased online on our website'.

The transaction closing was signed on Tuesday. At the same time, Impact Sgr's new board of directors was launched: Anna Fasano, who announced the deal on 13 January 2025 when she was head of Banca Etica, was appointed president.

In the 13 months used by the Bank of Italy to give the go-ahead for operations, a bit of everything has happened and Etica Sgr's assets under management have suffered not a little. On the one hand, there was Trump's new irruption on the international stage: the US president sent sustainable finance into the attic and the consequences were also visible in Europe. On the other hand, Banca Etica renewed its corporate bodies in 2025, bringing its 50,000 members to the vote. And this time the confrontation between opposing lists was particularly bitter. Finally, not to be forgotten is Bankitalia's somewhat lengthy authorisation process and the farewell to Anima Sgr.

A mix of factors that has weighed on Etica Sgr's funds: when Fasano made the announcement of the operation, the management company had €7.4 billion in assets and 400,000 clients in its belly; by June 2025 it had fallen to €6.05 billion. 'We currently count on 5.8 billion in assets,' Soldi explained, 'Impact Sgr brings a dowry of 400 million euro. In the meantime, there has also been a change in management: on 1 October, Roberto Grossi became the new general manager of Etica Sgr, taking over from Luca Mattiazzi.

The shareholding structure of Etica Sgr should also be highlighted. The majority is held by Banca Etica (51.47%); the rest is divided between Banco Bpm (19.44%), Bper Banca (10%), which now also owns 9.87% of Banca Popolare di Sondrio following the acquisition of the latter by the Modena-based institution. Finally, there is Cassa Centrale Banca-Credito Cooperativo Italia, which owns 9.22%.