The Company


BLUE SGR S.p.A. is an independent, management-controlled Alternative Asset Manager specialising in the structuring and management of alternative investment funds.

To date, the Company currently has approximately Euro 2.2 billion in assets under management and 19 AIFs and employs 29 professionals led by a senior management team with distinctive skills in the Italian market.

BLUE SGR S.p.A. was established in July 2020 as a result of a management buyout of Sator Immobiliare SGR S.p.A., aimed, on the one hand, at guaranteeing continuity of management and, on the other, at including in its corporate structure minority industrial shareholders who would contribute to further boosting the Company’s business.

BLUE SGR inherits the history and know-how of Sator Immobiliare SGR, which was established in 2008 as a spin-off of the management team of the Capitalia Banking Group.  At the end of 2009, Sator Immobiliare SGR started operations with the first real estate AIF reserved for professional investors.  In the following years, the AMC launched three new funds until, at the end of 2016, the merger by incorporation of Aedes Real Estate SGR S.p.A., which allowed the Company to reach assets under management of approximately Euro 0.82 million distributed over seven reserved real estate AIFs and one listed real estate AIF.


The current shareholder structure consists of:

(1)Fratelli Puri Negri Sapa, family holding company that can be traced back to Carlo Alessandro Puri Negri.

(2) Recchi Ingegneria e Partecipazioni S.p.A.: holding and services company operating in the engineering and project & construction management sector, in the executive and financial management of complex infrastructure and real estate initiatives.

(3) Gibbi SRL parent company, owned by entrepreneur Gaetano Buglisi, operates directly and through investee companies mainly in the organic farming, agro-food industry, renewable energy and telecommunications sectors.

(4) Cassa Nazionale del Notariato, a non-profit organisation that manages the pensions of Italian Notaries.

(5) Vertex S.r.l.: advisory and co-investment firm in the real estate finance sector with strong expertise in real estate and finance.

(6) Stoneweg S.A.: management company founded in 2015 with headquarters in Geneva.

(7) Goldcost LTD has been an established player in the real estate and general investment sector since the mid-1980s. It was founded by members of the Haggiag family with the aim of diversifying the historical business of film production and distribution. In particular, Goldcost LTD is a Maltese company founded by Mr Roberto Haggiag, which over the years has carried out numerous investment initiatives in the real estate sector, in Italy and abroad, mainly related to prestigious assets in prime locations.

(8) Paolo Rella: Managing Director of Blue SGR since its establishment.

BlueSGR - Gli Azionisti Agosto 2022

Corporate Bodies

Board of Directors

Name and Surname Position
Carlo Alessandro Puri Negri Chair
Paolo Rella Managing Director and General Manager
Emanuela Da Rin Independent Board Member
Aldo Marco Maggi Board Member
Matteo Marenghi Vaselli Board Member
Roberto Haggiag Board Member
Giuseppina Baffi Independent Board Member
Claudio Recchi Board Member
Fabio Tavarelli Board Member

Board of Statutory Auditors

Name and Surname Position
Paolo Salvaderi Chair
Paola La Manna Statutory Auditor
Antonio Salvi Statutory Auditor
Guido Pavan Alternate Auditor
Carmine Viola Alternate Auditor
The functions of the Supervisory Board set up pursuant to Legislative Decree no. 231/2001 are assigned to the Board of Statutory Auditors.
For any reports to the Supervisory Board, you can write to the email address

Organisation Chart

BlueSGR - La societa

Management Team

BLUE SGR’s Management brings together people with a high level of professionalism and experience, who bring with them strategic and management skills, innovation and credibility. All this with a team spirit that flows through the Milan and Rome offices.

BLUE SGR - Management Team - Presidente - Carlo Alessandro Puri Negri

Carlo Alessandro
Puri Negri

Carlo Alessandro Puri Negri is the Chair of BLUE SGR and a shareholder of the same through the vehicle Fratelli Puri Negri Sapa.


Paolo Rella is the Managing Director and General Manager of BLUE SGR.
BLUE SGR - Management Team - Vice Direttore Generale e Responsabile Area Fondi - Francesco Paolo Cuccorese
Francesco Paolo
Deputy General Manager and Head of Funds Area
BLUE SGR - Management Team - Chief Financial Officer - Massimo Vedani
Chief Financial Officer
BLUE SGR - Management Team - Responsabile Affari Legali Compliance e Antiriclaggio - Simone Petrosemolo
Head of Legal Affairs, Compliance and Anti-Money Laundering
BLUE SGR - Management Team - Responsabile Area Business Development - Giandomenico Lenti
Head of Business Development Area

Team of professionals

Alina Sipcean Administration
Bibiana De Vincenziis Administration
Cosima D'Amato Administration
Alice Comandulli Funds Area - Junior Fund Manager
Annalisa Norante Funds Area - Junior Fund Manager/Head of ESG
Donatella Gramigna Funds Area - Asset Manager
Elisabetta Feliciani Funds Area - Junior Fund Manager
Giulia Repossi Funds Area - Asset Manager
Milko Rakov Funds Area - Asset Manager
Silvia Marra Funds Area - Junior Fund Manager
Alessandro Mazzucco Funds Area - Portfolio Manager
Emanuele Neve Funds Area - Portfolio Manager
Simona Nuccetelli Funds Area - Portfolio Manager/Head of Company Secretariat
Luca Ruzzante Valutation Department - Head of Valuation Department
Andrea Dalla Val Fund Planning - Planning and Control
Nicolò Della Bona Fund Planning - Planning and Control
Chiara Galbiati Legal Function - Compliance
Ilaria Orru Management Secretariat
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