Ark funds, our first 40 years. Here are the three things you need to know to invest safely and earn – Corriere.it

In its first forty years, Arca Fondi sgr passed from the era of fixed stamped goods to sales on the smartphones. A quantum leap accompanied by a corporate evolution that led an investment product establishment, controlled by a dozen cooperative banks, first to risk total collapse and now to re-propose itself as point guard in a context in which the Milanese group manages the savings of approximately 870,000 customers, controlling assets of just under 35 billion euros.

Ugo Loeser, 57 years old from Trieste, was called to lead Arca by Fabrizio Viola and Maurizio Faroni in 2010. He had time to see the collapse of some important shareholders (Popolare di Vicenza, Veneto Banca) and to rebuild the image and profitability of the group starting from an absolute majority shareholder, Bper Banca and from some specific skills: window funds, open pension funds and Pir. He also redesigned the internal geography. He found 200 employees, today there are 110.

Loeser, what will the next forty years be like?

If I also look at the next ten, factors like operational efficiency, with new trend linked to technological transformation will be dominant and will be declined in the world of quantitative tightening. The era of easy money is over. In the short term, it is then a question of understanding what rates will be like next July. The market expects them at 3.5 percent. The last time at that level was in 2008.

Are we at a tipping point?

The quantitative easing it had undoubted merits, but for 14 years it distorted the allocation of resources, increased inequality and inflated markets. Now over. For this reason, the structure of portfolios must change significantly.

We are at the beginning of a technological-digital revolution that will change the economy. Artificial intelligence will change the world, including that of investments.

There are two trend structural. On the one hand the ESG factors alongside the shock technological and it shock demographic, which have created inequalities that have never occurred since the end of the eighteenth century. Then all the revolutions that led to the modern age were triggered. Today this is how much, as a great vision, we can expect. Digital could really lead to a major redistribution of income in the coming years, creating new unicorns and new professionals.

With what imaginable effects?

There will also be a geographic redraw. Prague, Budapest and Belgrade are the new ones tech-hub.

Let’s come to Italy, generator of great savings, frequently forgotten in bank current accounts.

The approach of the Italian saver is very particular. The financial wealth that can be invested in funds is concentrated in the older segment of the population. They have little financial literacy and grew up in a world where mutual funds didn’t exist. The other feature that lacks the concept of financial planning.

Is there a topic of financial education?

Some pillars of investment theory should be common stock. First things first: the power of the time horizon and compound interest. Over long horizons, if you take less risk than you could, you’re leaving a colossal amount of money. Second thing: the cost of the product its first drivers return in the medium term. The third thing that the markets cannot be predicted. So: don’t follow the gurus, pay attention to costs and optimize the risk according to the time horizon.

We come to Ark. You are not listed. How did 2022 go?

We have over 90 million ebitda, with a cost/income ratio of around 35 percent and, as of last December 31st, we had volumes under management for 34.7 billion euros and about 870 thousand customers. Furthermore, we have taken the last step towards gaining full autonomy by transferring the custodian to BNP Paribas.

2023 started with a bang, at least on the stock market. How will it end?

It will be a good year. There is an issue concerning the rise in interest rates, we are at a level of debt that is around 250 percent of global GDP. Numbers that authorize all the cassandras we hear in recent weeks. The reality is that low-margin, high-debt businesses will suffer, but it’s also true that there are plenty of businesses where the cost of financing is low. We will see a rebalancing towards high value-added productions.

Ask the members. It must be said that in general the trend of negative quotes.

Arca has also changed its corporate structure.

Bper has chosen to leave full operational autonomy and confidentiality to Arca. We have created a holding company, while in the operational part, which is below, there is not a single director employed by the shareholding banking groups. We consider it a value and rate it very positively.

From an industrial point of view?

We have an excellent platform and we believe that in forty years we will still be here, perhaps as a hub.

Are you saying that you will be protagonists of the consolidation of the sector?

No, the catalyst for the consolidation of the changes will be what happens to the banking channels, in particular to Monte dei Paschi di Siena. Mps, Poste and Anima are at the center of future movements.

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