Polaris Investment’s new CEO sets target for growth

Alessandro Penati is the new chief executive at Luxembourg-based multi-manager platform Polaris Investment SA.

The appointment is part of a broader strategic change at the company, which is expected to merge with Milan-based investment boutique Quaestio Capital Management Sgr, a quantitative asset management company founded by Penati in 2010.

The newly appointed chief executive is an Italian economist and professor at Milan-based university Universitá Cattolica del Sacro Cuore.

Founded in Luxembourg in 2004 on the initiative of a number of Catholic orders, Polaris Investment follows ethical investment criteria and targets the institutional non-profit client base. It has €6bn of real estate assets under management.

Subsidiary Polaris Investment Italia Sgr was incorporated in 2007 in order to develop the Italian social housing market.

The main shareholder is Fondazione Cariplo which holds 48% of the company, while Cassa Geometri, Congregazione Salesiana and Fondazione Cassa Risparmio Forlì hold respectively the 23%, 20% and 9%.

Under Penati’s management, Polaris is expected to pursue a growth strategy that will increase the focus beyond the not-for-profit space.

The two companies are also in the process of redefining the business structure between the Luxembourg and the Italian subsidiaries.

The Italian Sgr will be chaired by Carlo Cerami, with Fabio Carlozzo as chief executive, and focus on social housing and not for profit real estate. The Luxemburg SA, with Penati as chief executive and Francesco Cesarini as chairman, will work on property management.

Meanwhile, Polaris Group founder and former chief executive Francesco Lorenzetti will advise on the management of Fondazione Cariplo’s assets.

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