Markets Group is proud to introduce the 2025 Elite European Allocators list, honoring the most influential chief investment officers and senior investment leaders across Public Pension Funds, Sovereign Wealth Funds, Endowments, Foundations, and Corporate Pension Plans throughout Europe.
This recognition is part of our Elite Series, which celebrates leadership, innovation, and strategic vision in institutional asset management. These individuals were selected based on their demonstrated ability to navigate complex market environments, their impact on portfolio strategy, and their contributions to advancing the investment community across Europe. The 2025 list includes leaders from a wide range of institutions spanning Western, Central, Northern, and Southern Europe, reflecting the diverse perspectives and approaches shaping the region’s investment landscape.
As with all Markets Group recognition lists, this compilation was developed through direct engagement with the industry—gathering insights from peers, analyzing institutional influence, and highlighting innovation.
We invite you to explore the list and join us in recognizing the outstanding professionals shaping European institutional investing.
Fondazione Ente Nazionale di Previdenza ed Assistenza dei Medici e degli Odontoiatri (ENPAM) Public Pension Fund
Pierluigi Curti serves as director of the financial investment area at Fondazione Ente Nazionale di Previdenza ed Assistenza dei Medici...
Pierluigi Curti serves as director of the financial investment area at Fondazione Ente Nazionale di Previdenza ed Assistenza dei Medici e degli Odontoiatri (ENPAM), where he oversees portfolio strategy and investment execution across both public and private markets. Since joining the foundation in 2011, he has led the realignment of the fund’s €26 billion portfolio in line with a revised strategic and governance framework, executing billions in new mandates while optimizing legacy holdings.
His responsibilities span a broad array of asset classes, including multi-asset strategies, global fixed income, equities, smart beta, emerging markets, and private equity and debt. He also managed the strategic restructuring of a €3 billion structured securities portfolio inherited from prior management.
Curti holds a degree in economics and commerce from the University of Rome.
AUM
€ 26 B
LOCATION
Rome
REGION
Italy
TIME AT FUND
13 year(s)
Stella Giovannoli
Cassa Nazionale del Notariato Public Pension Fund
Stella Giovannoli serves as both chief investment officer and chief financial officer at Cassa Nazionale del Notariato, the Italian public...
Stella Giovannoli serves as both chief investment officer and chief financial officer at Cassa Nazionale del Notariato, the Italian public pension fund for notaries. With nearly four decades of experience at the institution, Giovannoli has played a central role in its financial and investment evolution, having first joined in 1985 through a public examination process.
She was appointed CIO in 2010, overseeing portfolio strategy and the fund’s alignment with market and ESG priorities. In 2024, she also assumed the role of CFO as part of a broader reorganization of the fund’s leadership structure, now heading the newly formed Finance and Administration Office, which includes a team of 11 professionals.
Giovannoli holds degrees in both economics and law from the Sapienza University of Rome, as well as advanced postgraduate training in banking and administrative sciences. She is a licensed chartered accountant and registered statutory auditor. Earlier in her career, she served as an academic assistant in banking studies at Sapienza and has contributed numerous articles to industry publications. Giovannoli is also a regular speaker at conferences and roundtables focused on financial markets and ESG investing.
AUM
€ 2 B
LOCATION
Rome
REGION
Italy
TIME AT FUND
40 year(s)
Jonas Thulin
Tredje AP-fonden (AP3) Public Pension Fund
Jonas Thulin serves as chief investment officer and head of asset management at Tredje AP-fonden (AP3), one of Sweden’s national...
Jonas Thulin serves as chief investment officer and head of asset management at Tredje AP-fonden (AP3), one of Sweden’s national pension buffer funds, where he has led the investment organization since January 2024. He brings a multi-decade track record of managing complex investment strategies across public and private markets, with deep expertise in asset allocation, macroeconomic analysis, and sustainable portfolio construction.
Prior to joining AP3, Thulin was CIO and head of asset management at Erik Penser Bank, where he oversaw a more than threefold increase in assets under management and led the development of Article 9-compliant sustainable investment products. His earlier roles include serving as head of asset allocation at Nordea Wealth Management, head of global alpha strategy at Nordea Markets, and senior strategist at Calyon in both New York and London.
Thulin holds a Master of Science in Economics along with postgraduate honors in economics and political science. He has also lectured in economics at Stockholm University and the University of Queensland.
AUM
€ 50 B
LOCATION
Stockholm
REGION
Sweden
TIME AT FUND
1 year(s)
Cecilia Kellner
Nordea Life & Pensions Insurance Company
Cecilia Kellner serves as chief investment officer at Nordea Life and Pension, where she oversees the firm’s multi-asset investment strategy...
Cecilia Kellner serves as chief investment officer at Nordea Life and Pension, where she oversees the firm’s multi-asset investment strategy across equities, fixed income, private markets, real estate, and venture capital. She was appointed CIO in 2022 after joining the firm in 2016 as an investment manager and sustainability strategist.
Kellner brings more than 25 years of experience in the financial industry, having held senior roles including senior equity research analyst at Carnegie Investment Bank, senior portfolio manager at Strand Kapitalförvaltning, and senior credit analyst at BNP Paribas.
She holds a master’s degree in accounting and finance from Stockholm University.
AUM
€ 71 B
LOCATION
Stockholm
REGION
Sweden
TIME AT FUND
8 year(s)
Tomas Flodén
AMF (AMF Tjänstepension AB) Private Pension Fund
Tomas Flodén serves as chief investment officer at AMF (AMF Tjänstepension AB), one of Sweden’s largest occupational pension providers, where...
Tomas Flodén serves as chief investment officer at AMF (AMF Tjänstepension AB), one of Sweden’s largest occupational pension providers, where he oversees investment strategy and asset management across the group’s portfolios. He has been with AMF since 2009, holding various senior roles including chief of staff, deputy CEO, and CEO of AMF Fonder, the firm’s fund management subsidiary.
Before joining AMF, Flodén served as chief economist at Sweden’s Financial Supervisory Authority (Finansinspektionen). He holds a degree in economics from the Stockholm School of Economics.
