2025 Elite European Allocators, Part 2

Carlo Nappi serves as chief investment officer at ENPAF Fondazione, Italy’s public pension fund for pharmacists, where he oversees the fund’s €3.6B portfolio. Since joining ENPAF in 2016, Nappi has led investment strategy across public markets and real estate, with a focus on diversification and long-term value creation.

Nappi brings over two decades of experience in asset management and real estate. Prior to ENPAF, he was a senior portfolio manager at P&G SGR and a fund manager at Borgosesia Gestioni SGR. His earlier roles include project management positions at Feidos SpA and Real Estate Advisory Group SpA, where he specialized in real estate investment and development.

He holds a master’s degree in corporate finance from SDA Bocconi School of Management and a master’s in real estate management from the Polytechnic University of Milan. Nappi earned his undergraduate degree in civil engineering from the University of Naples Federico II.

Gianni Golinelli serves as head of Ffnance at ENPACL, the Italian pension institution for labor consultants, where he oversees the strategic and tactical management of a €1.5B investment portfolio. Since taking on this role in 2020, Golinelli has been responsible for guiding asset allocation across both liquid and illiquid investments, including funds and direct securities. He supports the board on investment policy and contributes to the fund’s overall financial strategy.

Golinelli joined ENPACL in 2013, initially working across asset administration, ESG integration, and product oversight, including real estate holdings. His responsibilities extend to portfolio monitoring, external manager coordination, and budget planning. Prior to ENPACL, he held positions at Banca Esperia, Santander Consumer, Unipol Banca, UniCredit, and various securities investment firms, building a well-rounded background in financial services and investment operations.

He holds a degree in economics and Commerce from the University of Bologna and a postgraduate diploma in financial policy from the University of London.

Martin Roth has served as chief executive officer of the Manor pension fund since 2013, where he oversees all aspects of the fund’s strategy, operations, and investment activity. He originally joined the organization in 2004 as head of investments, following a 15-year tenure at UBS Group AG in client advisory and portfolio management roles.

Roth brings deep experience in Swiss pension governance and investment management and currently serves as president of ASIP, the Swiss pension fund association, a role he assumed in 2022. He holds a Diploma of Advanced Studies in Pension Fund Management from the Lucerne University of Applied Sciences and Arts and is a Swiss Certified Financial Analyst. In addition to his executive responsibilities, Roth contributes to the academic community as a lecturer in pension fund investments at Lucerne University.

Wim Vermeir serves as group chief investment officer at Ageas and CIO of AG Insurance, leading the firm’s global investment strategy across both its European and Asian operations. He has held the CIO role at AG Insurance since 2011 and has been Group CIO for Ageas since 2012. In Belgium, Ageas is an individual life insurance and employee benefits company, with a strong presence in the non-life segment through AG Insurance.

Vermeir brings extensive experience in multi-asset portfolio management and insurance-related investments, having previously held senior roles at Dexia Asset Management between 1995 and 2006. His positions included head of socially responsible investing, global balanced management, and equities, as well as serving on the executive committee and board of Dexia’s Australian equity affiliate, Ausbil Investment Management. In 2006, he was appointed CIO for traditional investments at Dexia AM.

He began his career in academia as a research assistant in corporate finance at the University of Ghent and Vlerick School of Management. Vermeir holds a degree in civil engineering in physics from the University of Ghent and an MBA from the Vlerick School of Management.

Pontus Lidbrink serves as head of systematic equities at AP4 Group, one of Sweden’s national pension buffer funds, where he leads the design and execution of the fund’s quantitative equity strategies. With oversight of more than $20B in equity portfolios, Lidbrink is responsible for the development and implementation of global equity, defensive equity, and low-carbon strategies.

Since joining AP4 in 2011, Lidbrink has been instrumental in transforming the equity program from a purely passive, externally managed structure into a sophisticated, internally managed platform that integrates alpha-beta separation, factor investing, and environmental impact. His current mandates encompass multi-strategy portfolios combining quantitative models, fundamental research, and active risk overlays, such as merger arbitrage, index events, and scrip options. Under his leadership, AP4’s global equity portfolio has significantly outperformed its benchmark and maintains a 65% reduction in carbon footprint.

Lidbrink previously served as head of thematic strategies and implementation, as well as senior portfolio manager. He also oversees equity and derivatives trading at the fund, with a focus on execution quality and minimizing trading costs.

Earlier in his career, Lidbrink held roles at SEB Wealth Management, where he helped launch the firm’s first index funds and advanced into a quantitative investment position.