Board of Directors


  • Independent Board Member of Tages SGR
  • Non-Executive Chair of Tages SGR

Elisabetta Gualandri has approximately 35 years of academic, institutional (Bank of Italy) and multi-disciplinary experience (Bper, Credem) with deep expertise in corporate governance, risk management and sustainability.
Elisabetta is a professor in Financial Intermediaries at the University of Modena and Reggio Emilia – UNIMORE. Her research fields include regulation and supervision of financial institutions, European Banking Union and SSM, banks’ business models, ESG and sustainability, climate and environmental risks, financing gap for innovative firms and start up.
Elisabetta served as member of the Board of Statutory Auditors of the Bank of Italy from 2007 to 2012, when she left and started building a strong experience as independent director of Listed Significant Institutions supervised by the ECB (Bper Banca 2012-2021; Credem 2021-present), also acting as Chairperson of Risk and Sustainability Board Committees.


Irene has over 20 years of experience in the investment management industry as an advisor to large institutional investors in Europe.
Since 2018 she is an independent consultant with a focus on sustainable and impact investments. Previously she worked in Stockholm in the head office of Nordea, a pan-Nordic bank. She acted as an investment strategist with responsibility over the bank’s strategic asset allocation model. Irene was also a senior investment director at Cambridge Associates, a global investment firm, in London, where she advised family offices and foundations.
Irene serves on the board of directors of Fondaco SGR, on the investment committee of a family trust, and on the board of TBA21, a contemporary art foundation.


  • Founding Partner of Tages.
  • Chief Executive Officer of Tages, Board Member of Tages SGR Board Member of Investcorp-Tages Limited
  • Chairman of Banca CF+

Panfilo has over 40 years’ experience in financial services in London. Prior to Tages, Panfilo was Vice Chairman of Citi Europe (2008) and member of the European OPCO and of the Advisory Board.
Panfilo was at Schroders since 1986 and became Chief Executive of Schroders Italia in 1992 and subsequently Head of Continental Europe for Investment Banking.
In 1997 he was appointed Head of Europe and then Global Head of Equities.
After the acquisition of Schroders by Citi, Panfilo became Head of Investment Banking and later Chairman of the Global Banking Division for Europe.
Panfilo has been responsible for M&A, equity and privatisation transactions led by Schroders and Citi on the European market.


  • Founding Partner of Tages
  • Director of Tages and Board Member of Investcorp-Tages Limited

Sergio has over 35 years’ experience in financial services, of which ten in private equity and asset management and more than twenty in investment banking and M&A.
After 3 years in private equity at Sofipa, Sergio worked at Citigroup from 1990 to 2010 (Schroders, Salomon and Citi), where he, among other things, served as Head of corporate & investment banking in Italy. Sergio was also a member of Citi Global Investment Banking Operating Committee.
Sergio has advised on more than 80 M&A and capital markets transactions, including the largest financial services deals and the most relevant privatizations of the last 30 years in the Italian market.



  • Partner of Tages
  • Chairman of Tages S.p.A. and Board Member and Head of Investments in Tages SGR

Umberto Quadrino was the Chairman of Tages Holding, now Tages S.p.A., since July 2014.
Umberto Quadrino is currently Board member of several companies and advisor of Italian and international industrial groups.
Umberto served as the Chief Executive Officer of Edison S.p.A. from 2001 to 2011.
Umberto joined the FIAT Group in 1970 with various responsibilities as Director of Administration and Control, CFO, CEO of its subsidiaries and Executive Vice President in charge for coordinating the FIAT S.p.A.’s non-automotive divisions.
In 1996, he served as Managing Director for New Holland before re-joining FIAT in 2000 as Executive Vice President with responsibility for various sectors.



  • Board Member of Tages SGR
  • Head of Finance and Acquisitions

Paolo Galli is the former Head of M&A for Italy at Citi. He has more than 20 years of international experience in M&A and investment banking, with a track record of transactions in a variety of sectors in multiple jurisdictions.
In particular, Paolo has developed a strong expertise in the Industrials, Infrastructure and Energy sector, covering several large and mid-sized companies.
Paolo joined Schroders Investment Banking Division in 1998. Since 2007 he was responsible for the Italian M&A franchise of Citi. In 2011 Paolo took over additional responsibilities in selected European countries including Netherlands and CEE.


  • Founding Partner of the Tages Group
  • Director of Tages, co-CEO of Investcorp-Tages Limited
  • CIO of Tages Capital LLP

Salvatore Cordaro is the former Head of Portfolio Management within Alpha Strategies at Credit Suisse. While at Credit Suisse, Salvatore also served as Deputy Head of Alpha Strategies, Head of Manager Selection and Strategy Analysis in the Alternative Investments and Mutual Funds Team, and Deputy Head of Hedge Fund Research and Selection in Alpha Strategies.
Prior to joining Credit Suisse, in 2004, he was a senior hedge fund analyst and a portfolio manager with BSI SA (Generali Group). Salvatore is a CFA and a CAIA Charter holder.



  • General Manager

Daniele Spada joined Tages Capital SGR as General Manager in September 2020. Daniele has over 20 years’ experience in the asset and wealth management industry. Before joining Tages, Daniele served as the CEO of SG 29 Haussmann, in Paris, the asset management company, part of Société Générale, providing advisory and discretionary portfolios to private clients in France with more than € 8 bn of AUM. He was also member of the Lyxor Executive Committee in charge of the Strategy and Development. From 2014 to 2018 he was Head of Lyxor Managed Account Platform, one of the largest fund platforms worldwide, offering a large panel of managed or selected hedge funds and mutual funds, and customized solutions to international institutional clients. He joined Lyxor in 2007 as a Fund of Hedge Funds Manager and became Head of Advisory Services in 2009, in charge of dedicated alternative and cross-asset portfolios. He was appointed Head of Custom Solutions in December 2012. Prior to joining Lyxor, he spent three years as a Senior Performance Analyst at BNP Asset Management, as well as three years as the Head of the Performance & Risk Measurement Department within BNP Securities Services in Paris.


  • Head of Compliance & MLRO

Daniela Provenzano joined Tages Capital SGR in September 2023. She has over 20 years’ experience on compliance and anti-money laundering developed in the Italian and international companies belonging the banking and financial sector. Prior to joining Tages, since 2012, she was Head of Compliance & AML of BNP Paribas REIM SGR; prior to this (2009-2012), she served as Compliance within the CIB business line at Intesa Sanpaolo/Banca IMI. Daniela was also Country Compliance Manager and MLRO at Fortis Bank SA/NV – Italian branch (2005-2009) and she worked at Ernst & Young Financial Business Advisors and at Rasfin SIM where she started her career in 1999.


  • Head of Risk Management & Valuation

Luca Barbieri was former Head of Risk Management & Valuation at Castello SGR S.p.A., where he worked from 2010 to 2015. Castello SGR S.p.A. is an Investment Company active in Real Estate Asset Management. Prior to this, Luca was Supervisor Auditor at Deloitte&Touche where he worked from 2004 to 2009.


  • Head of Investments & International Projects Development

Guido Prearo has spent the last two decades working on large-scale renewable energy and infrastructure projects in all capacities, from origination to financing, from development and to M&A. He has led teams within Deloitte, Trina Solar, Canadian Solar, AE-Deutsche Bank and Macquarie and has built strong relationships in the UK, in Italy, Spain, Greece, Egypt, Namibia and in the Arab Emirates. In 2021 he founded Emeren and has since developed projects for more than 1GW of solar energy in Italy and Southern Europe. He is an active member of the Aspen Institute, an elected delegate of Italia Solare to the regional government of Lombardy and he contributes to several working groups within SolarPower Europe. Sustainability and innovation are the two pillars of his work and of his vision.


  • Head of Project Development & Asset Management

Pietro Pacchione is the former COO at Green Utility S.p.A. Pietro is a professional with 20 years experience in origination, development, construction and M&A of large-scale renewable energy assets. Vice President of Elettricità Futura, the leading Italian industrial association for electricity producers. Formerly, Project Manager within the Energy Management Program at Consip S.p.A. – Ministry of Economics and Finance, Rome.


  • Investments Director

Saverio Rodà has over 20 years’ experience in Project Financing, Corporate Development, M&A and Disposals, with a track record of deals in Italy and in the EU in power generation, renewable assets (Hydro, Wind, and PV), exploration of oil and gas and major gas infrastructure projects (LNG).
Prior to joining Tages, he was the M&A Director of a leading private Italian gas and power player, where Saverio Rodà was involved in a broad range of financing (for ca Eur 3bn, o/w two of them awarded EMEA Power Deal of the Year by major magazines) and M&A deals (ca Euro 2bn, including a major acquisition in France in 2007 in the renewable space, a JV with a major private equity infrastructural fund of approx. Euro 0.3bn disposal plan).


  • Investments Director

Andrea Vespasiano has 12 years of experience across corporate finance advisory, principal investment and investment management. Andrea has worked on a wide range of infrastructure transactions and managed investments, across renewables, transport, energy and water infrastructure, in the Australasian region and in the UK. Prior to joining Tages, Andrea was a Director at Infrastructure Capital Australia, and held roles at Deutsche Bank, RREEF Infrastructure and JP Morgan, covering Asia Pacific and EMEA markets. Andrea holds a Master in Management and Corporate Finance Degree from ESCP Europe.


  • CIO Private Debt

Giovanni joined Tages Capital SGR in September 2021. Giovanni has over 15 years of relevant experience in Private Debt with a track record of investments in different industries and various type of instruments, including first lien, mezzanine financing and minorities equity. Before joining Tages, since 2014, he was Chief Investment Officer of Green Arrow Private Debt Fund. Since 2006 he was Investment manager in Mezzanove Capital. Giovanni started his work experience in 2002 in Deloitte Corporate Finance.


  • Head of Legal Affairs

Marcello Ciampi joined Tages in 2019. Marcello is specialised in M&A and Project Finance with focus on the renewable energies sector, and has almost 20 years of experience in legal services. In the last years Marcello assisted a number of both domestic and international investors in the acquisition and/or financing of projects in a variety industry sectors, including infrastructures and energy.

Marcello has also a strong in-house background. Indeed, in 2005 Marcello served as general counsel of a major Italian hotel group and in 2008 he was a member of the legal team in The Royal Bank of Scotland.
Before joining Tages, Marcello worked with some of the most important global law firms.


  • Chief Operating Officer

Before joining Tages in 2011, Francesca Maderi is the former Head of the Organisation Department of Gruppo Banca Leonardo S.p.A., she joined in 2007.
Prior to this, from 2002 to 2007, Francesca served as organisational analyst at Banca IMI S.p.A. with responsibility for procedures and project management.
Francesca started her career in 2000 at Banca Intesa S.p.A. (now Intesa Sanpaolo), in the Organisation Department.
She holds a highest honors Degree in Economics from the Bocconi University in Milan.


  • Head of Investor Relations & Sustainability

Head of the Carbon Desk in Intermonte Holding SIM S.p.A., resulting from the Joint Venture between the Intermonte group and Puraction S.r.L, a carbon trading and advisory firm founded by her in 2009 together with 2 partners coming from the main Italian utilities. Prior to that, Business Developer in Edison S.p.A. in the renewable energies sector with special focus on M&A and development of green field projects (biomass, photovoltaic and hydroelectric). Still in Edison Angela Racca also held positions in Strategies, Institutional Relations, Investor Relations and Valuation of New Investments.
Angela Racca holds a degree in Management Engineering from the Milan Polytechnic.


  • Sales Director

Eugenio Vecellio joined Tages Capital SGR as Head of Sales and Marketing in June 2021. Eugenio has 15 years’ experience in the asset management industry. Prior to joining Tages, he served as Institutional and Wholesale Sales in Pramerica SGR (the asset management JV between Ubi Banca and Prudential) covering institutional clients and fund buyers. In 2017 Eugenio launched the Milan office of Groupama Asset Management and before was Relationship Manager Institutional and Wholesale at Global Selection SGR (Ceresio Investors Group) in Milan. In 2007 he started his career at Prometeia as consultant in the asset management division. He holds an highest honors Degree in Economics from the Bologna University.


  • Head of Finance

Before joining Tages in 2022, Niccolò Marini is a former Senior Manager in Deloitte within the Financial Services Industry practice, where he started his professional career in 2013. Given a strong academic background based on modelling and quantitative finance, he has gained significant experience in auditing of asset management companies, mutual funds and alternative investment funds (real estate, hedge, private equity and venture capital), as well as banks and other financial institutions. In addition to audit engagements, he took part in several consultancy projects, also internationally, aimed at supporting clients mainly from the asset management industry in M&A and capital markets transactions. He has been part of the Investment Management Group for Deloitte NSE representing the Italian practice.