Board of Directors


  • Chairman and Independent Non Executive Director Tages Capital SGR S.p.A.

Roberta has 30+ years’ of institutional and multi-disciplinary experience (ENI, Banca d’Italia, Banca Caboto, Intesa Sanpaolo) and deep expertise in corporate governance and sustainability.
She is a Non Executive Director of Antirion Sgr. Formarly, she served as Non Executive Director and Member of Risk and Sustainability Committee of Banca Monte Paschi di Siena. For the Intesa Sanpaolo Group, she was a Director of IMI Investimenti, Centro Factoring and Centro Leasing.
Roberta started her career at the ENI’s Research Department. At the Banca d’Italia (1989-2004) she managed strategic projects to develop the Italian Payment System; she was a Member of Committees and Working Groups, both at the domestic and international level and Co-author of Policy Reports. At the Bank for International Settlements (BIS) in Basle (1997-2003), she was a Member of the Working Group on Retail Payment Systems set up by the CPSS (now Committee on Payments and Market Infrastructures). At the Corporate and Investment Banking of Intesa Sanpaolo Group (2004-2017), Roberta managed merger programs and turnarounds, together with several projects focused on innovation, communication and Corporate Social Responsibility.


  • Founder & CEO of Tages
  • Chairman of Credito Fondiario

Panfilo has 35 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 initially 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 in the European market


  • Founder of Tages
  • CEO of Tages Capital SGR S.p.A.

Sergio has over 30 years’ experience in financial services, 21 in investment banking and the remaining in private equity and asset management. 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 Italy Banking (which includes Citi Investment Banking and Citi Corporate Banking). 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 privatisations of the last 30 years in the Italian market.


  • Chairman of Tages
  • CIO of Tages Capital SGR S.p.A.

Umberto Quadrino joined Tages as Chairman in July 2014. He is currently a board member of several companies and advisor to Italian and international industrial groups. Umberto served as the CEO of Edison from 2001 to 2011. Prior to that he joined the FIAT Group in 1970 with various responsibilities including Director of Administration and Control, CFO, CEO of its subsidiaries and Executive Vice President in charge of coordinating FIAT’s non-automotive divisions. In 1996, he served as Managing Director for New Holland before rejoining FIAT in 2000 as Executive Vice President with responsibility for various sectors. He graduated in Business and Economics from the University of Turin.


  • Board Director of Tages Capital SGR S.p.A.
  • Head of Acquisitions and Finance

Paolo Galli is the former Head of M&A for Italy at Citi. He has more than 17 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.


  • Founder of Tages
  • CIO/CEO of absolute return & multi-manager solutions business

Salvatore 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. He holds a Degree in Economy and Business Law from Bocconi University of Milan.



  • General Manager

Daniele Spada joined Tages Capital SGR as General Manager in September 2020. Daniele has almost 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 platform 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 Project Development & Asset Management

Pietro Pacchione is the former COO at Green Utility S.p.A.
Pietro has more than 10 years of international experience in RES with a track record of business development projects, in particular of PV plants.
He is a Board Member at Assorinnovabili, now Elettricità Futura.
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 15 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 over 12 years of relevant industry experience across a variety of corporate finance advisory, principal investment and infrastructure investment management roles.
Prior to joining Tages, Andrea was an Investment Director at Infrastructure Capital, a specialised mid-market infrastructure fund manager. Prior to that, Andrea held corporate finance advisory and infrastructure investment management roles at Deutsche Bank and JP Morgan, covering the European and Asia Pacific markets.
Throughout his career, Andrea worked on a wide range of infrastructure transactions and managed investments across renewables, energy, utilities and transport infrastructure, both in Italy and internationally.


  • 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 Risk Management & Valuation, MLRO

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 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.


  • 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 lunched 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.