iM Global Partner lists first active Italian-equity UCITS ETF on Euronext Milan
25 JUN, 2026
By Joanna Piwko from RankiaPro Europe
On 22 June 2026, iM Global Partner (iMGP) and Swiss boutique DECALIA SA listed the iMGP Italian Opportunities R EUR UCITS ETF — ticker ITAL — on Euronext Milan, marking a double milestone: the first actively managed Italian-equity UCITS ETF on the exchange, and iMGP's debut on the Italian market.
Until now, Italian investors seeking domestic equity exposure through an ETF had no choice but passive, index-tracking vehicles. ITAL changes that, offering a daily-tradable wrapper around a portfolio of 50 to 70 all-cap Italian stocks with a net annualised return of approximately 9% since inception in September 1996.
A Strategy Built Over Decades
The investment process is far from new. DECALIA's lead portfolio manager Alfredo Piacentini has run the underlying strategy since 1985 and the fund since 1996. The approach combines top-down macroeconomic analysis with bottom-up fundamental research, deliberate small- and mid-cap exposure, and a high-conviction book unconstrained by the benchmark. 'Italy is far more than luxury goods and tourism,' Piacentini said. 'Our objective has always been simple: identify attractive businesses before the market fully recognises their value.'
From Institutional Shelves to the Open Market
Despite its track record, the strategy had until now been confined largely to private-bank and institutional portfolios. Francesca Campanelli, Distribution Head of Italy & Ticino at iMGP, sees the listing as a structural shift. 'A private saver, a wealth adviser, a family office — any of them can now hold DECALIA's expertise in a single line they can trade every day, on Italy's own exchange.'
The fund is structured as a Luxembourg SICAV under UCITS rules and is eligible for regular savings plans (PAC). It is the fifth product on iMGP's active UCITS ETF platform, built across alternatives, equities and fixed income in just fifteen months. Combined across Europe and the US, the firm's active ETF range manages approximately $4.5 billion in assets.
Sources: iM Global Partner, DECALIA SA
