To be truly efficient and ensure the absence of conflicts of interest or other risks, the governance system must be based on a governance structure that is able to ensure that the individual roles are clearly defined and kept separate.
In this perspective, our governance structure adopts a traditional system of administration and control based on the functional organisation of:
The Board of Directors oversees the ordinary and extraordinary management of the company, performing all tasks required to achieve the company purpose. Moreover, it is responsible for strategic supervision, which is performed by determining the investment policies for the Real Estate UCITS (AIF & investment company with fixed capital) and assets managed by the AMC, as well as by defining the corporate strategies.
Within the asset management activities, the Board of Directors establishes the Real Estate UCITIS, by approving their relative management regulations, and defines the general strategies for managing the RE UCITIS portfolios.
The Board of Directors is composed of nine members, including three independent directors:
He is currently Chairman of the Advisory Council of Euroclear and Scientific Advisor of Istituto Affari Internazionali. He has held directorships in WeBuild and Euroclear, the latter of which he was also Chairman of the Board Risk Committee and Interim Chairman. Previously, he had a long career at the Bank of Italy as Central Director, responsible for Relations with International Institutions, Monetary Policy Operations and Payment Systems. He was also Executive Director at the World Bank, where he chaired the Budget and Audit Committees of the Board and served as Dean of the Board. Franco Passacantando has further contributed as an expert member of the Board of Directors of the European Investment Bank and has held various teaching positions at the Luiss Guido Carli University.
After working abroad for several years, in 2000 Ofer Arbib moved to Italy and launched the real estate Web portal casaclick.it, later transferred to Gruppo Pirelli, with which he had previously collaborated. At the end of 2001 he became CEO of Elitrade, a company founded in 1996 in Milan, at the helm of which he managed the evaluation, acquisition, sale and unbundling of many real estate portfolios. In 2005 Elitrade became Colliers Elitrade, now Colliers international Italia, one of the major players in the international real estate advisory industry. Arbib has served as the company’s CEO for 8 years. In 2012, Arbib and a number of partners took over Antirion SGR and in May 2018 he became the company’s CEO.
Pierluigi Curti is a financial executive specialized in the strategic management of large-scale institutional assets. He graduated with honours in Economics from the University of Rome Tor Vergata and began his career as a teaching assistant in Monetary Economics before building extensive experience with leading Italian financial institutions, including CREDIOP, ICCRI and Generali Asset Management.
In 2002, he was appointed Head of Investments at Fondazione Cassa di Risparmio di Roma, where he oversaw approximately €2.5 billion in assets and led the transformation of the Foundation’s investment portfolio from a concentrated banking holding into a diversified institutional portfolio aligned with market best practices. During his tenure, he also held strategic positions within EFFIO and Fondazione Roma Terzo Settore.
Since 2011, he has served as Director of Financial Investments at Fondazione ENPAM, Italy’s largest private pension and welfare fund. After successfully restructuring its complex investment portfolio, he now leads a team responsible for managing more than €24 billion in assets. He oversees investments across both public and private markets, ensuring consistent alignment between performance objectives, risk budgets and the fund’s long-term liabilities. He also serves as the Foundation’s representative on the governing bodies of portfolio companies and investment vehicles.
Chiara Del Frate is a Partner in the Commercial Real Estate department of the British law firm Charles Russell Speechlys, where she works across the firm’s Milan and London offices. Qualified to practise law in both Italy and the United Kingdom, she has over twenty-five years of experience advising on cross-border real estate transactions, including structuring, acquisitions, disposals and financing across all major asset classes, including offices, logistics, data centres, hotels, high street retail and shopping centres, student housing and residential assets.
Throughout her career, she has gained significant international experience working within the Real Estate departments of leading law firms, including K&L Gates, Milbank, Chiomenti and DLA Piper, across Rome, Milan and London. She has been consistently recognised by The Legal 500 for her expertise in the real estate sector. She began her career as legal counsel on the spin-off and subsequent disposal of Enel’s real estate portfolio.
Ryan Fleming joined Colliers International Group Inc. in 2018 and is now Director of Global Strategic Investments. At Colliers, he is responsible for leading the achievement of global acquisitions and partnerships, as well as strategic and operational initiatives. He currently manages a team of young professionals and leads negotiation and diligence initiatives for Colliers’ acquisition program. He is also responsible for various analyses of funds and clients to support investment decisions within Colliers’ Investment Management business.
He is a professional with more than 9 years of experience in the investment industry, having previously worked in investment banking for Canada’s largest bank executing transactions for global clients, as well as private equity for a large public pension.
Giulia Longo has been Chief Operating Officer of Antirion SGR since 2017, when she joined the company to coordinate the fund management team.
She is also CEO of Colliers Real Estate Services Italia, an Independent Expert serving clients like DeA Capital SGR, Investire SGR, Prelios SGR and Fabrica Immobiliare SGR, among others. She was strategic advisor for the valuation and optimization of the real estate portfolios of the Bank of Italy, Telecom Italia and ENEL. Giulia was previously General Manager of Colliers International Italia, where she coordinated the development and sale of properties on behalf of various local administrations and international clients in the private and public sectors. Before that, she was Project Manager and Valuation Support Specialist at Colliers Elitrade, where she handled market research, feasibility studies and the valuation of individual properties and real estate portfolios.
Giulia began her career at Ernst&Young, handling the analysis, valuation and management of complex urban projects and real estate portfolios.
After five years at Consob, in the Intermediaries Division, Antonio Mele joined Banca IMI (formerly the IMI group, then Sanpaolo IMI and Intesa Sanpaolo), initially as head of internal control, where he remained for ten years, taking on increasingly important roles until becoming head of the Bank’s Operations. In 2007, he launched his own management and organisational consulting business for financial, securities and credit intermediaries and listed companies, also dealing with internal controls and litigation. He also provides technical consulting services as an auxiliary in civil proceedings. He has been chairman of the board of statutory auditors of a leading listed bank and other listed companies. He chairs the supervisory body of a bank and a financial intermediary. He is a chartered accountant and statutory auditor.
Zach Michaud joined Colliers International Group Inc. in 2015 and is now Co-Chief Investment Officer. His responsibilities include managing Colliers’ investment team and program, including multiple direct report platforms, new strategic investments, and emerging tech investments. He previously served as Vice President, Strategic Investments at Colliers. Prior to joining the organization, Michaud was a senior investment professional at one of Canada’s leading private equity firms specializing in credit investing, distressed debt, operational turnarounds, and activist investing.
Associate Professor at Politecnico di Milano, Marzia Morena has been collaborating to training, research and consultancy activities in the real estate management and valorisation fields for over 20 years. Her scientific interests focus on the transformations affecting the construction cycle, with particular regard to the management of buildings and the relationships across the various players involved in the process, from planning to management, and to Territorial Marketing as a means of attracting investments for territory enhancement. Founding member since 2008 and coordinator of OPPAL (Osservatorio Permanente per la Pubblica Amministrazione Locale, Permanent Observatory for Local Public Administration) of Politecnico di Milano, ABC | REC dept. Co-founder of REC, the Real Estate Center, a management hub for talents and projects linking the solid academic approach of Politecnico di Milano and the needs and challenges of the evolving contemporary world.
The main task of the Board of Auditors is to monitor compliance with applicable laws, the Articles of Association and the principles of correct administration. In particular, it monitors the suitability and operation of the company’s organizational, administrative and accounting functions, as well as the allocations established by the applicable special laws.
The Board of Auditors is composed of three statutory members and two deputies, each of whom meets the requirements set forth in the applicable laws, and of course complies with the requirements of integrity, professionalism and independence required by the sectoral regulations:
The Committee of Independent Directors, established by the Board of Directors and solely comprising independent directors, has advisory functions (and, where applicable, also submits proposals) with regard to the issues under its responsibility, as well as those which the Board decides to assign to it. In particular, the Committee expresses a preventive opinion, in favour of the Board of Directors, in regard to: transactions with conflict of interest; transactions by the SGR with related parties; remuneration and incentive policies, with respect to which it also exercises verification functions. In exercising its powers, the Committee avails itself of the support of the Risk Manager, where appropriate.
The company has a Code of Ethics and an Organisation, Management and Control Model pursuant to Italian Legislative Decree 231/2001 concerning the “Rules on the administrative liability of legal entities, Companies and associations, with or without legal status”.
Code of Ethics (Italian)
Model of Organisation and Management_27.03.2024