Nextalia sgr, Coldiretti’s new tentacle into high finance


Coldiretti’s magic circle stretches a new tentacle on high finance with Nextalia sgr. An asset management company, formed on 12.2.21 together with banking and insurance giants.

The first agricultural union thus extends its power across the golden ganglia of Italian society. After insurance (Agrifides Srl), credit counseling and brokerage (Simec Srl), real estate (Ger.Cam. Srl) and other activities that are increasingly far from their theoretical function. (1)

Nextalia sgr, Coldiretti’s new tentacle into high finance

Nextalia sgr was established in Milan, Italy, on 12.2.21 by Canzonieri Holding S.r.l., Intesa Sanpaolo S.p.A., UnipolSai Assicurazioni S.p.A., Micheli Associati S.r.l. and the National Confederation of Coldiretti. Represented on the occasion by its King Midas Raffaele Grandolini. (1)

The new company will be responsible for:

(a) collective asset management, through
– Asset management of closed-end mutual funds reserved for professional investors,
– investment funds established by it,

(b) management of investment portfolios for third parties,

(c) investment advisory services on financial instruments.

Nextalia sgr, 21 million in dowry

Nextalia sgr shareholders allocate 1 million euros in shares and contribute another 20 million euros to equity. Canzonieri Holding Srl holds 80 percent of the share capital, following the subscription of 800,000 euros in class A shares, without share premium. The other four partners hold 20 percent of the share capital, having purchased 200,000 category B shares at €1 each, plus the premium of €100 per share.

Coldiretti is participating in the operation with an investment of €252,500, including €2,500 in shares (0.25 percent of the capital) and €250,000 as a share premium. At par with Micheli and Associates Ltd. Intesa Sanpaolo SpA, on the other hand, subscribed 14.5 percent of the shares with an outlay of €14.645 million (including €14.5 million in share premium), UnipolSai Assicurazioni SpA 5.05 million with €5.05 million (including €5 million in share premium).

Two membership categories

Canzonieri Holding Srl, in the person of sole director Francesco Canzonieri, participates in the newco with only category A shares, to which special statutory privileges correspond. Specifically, drag and drop rights for the sale of the company’s block of shares, pre-emption and approval for the case of sale of class B shares to third parties.(2)

The other shareholders guaranteed Canzonieri Holding’s involvement for the first three years and the right to withdraw in the event of change-of-control events in its holding company. Newly issued shares, on the other hand, will be of ordinary type unless a resolution is passed granting special rights to them as well.

Coldiretti, the bylaws

Coldiretti’s bylaws, in defining the object of union activities, provide for the encouragement of entrepreneurship in agriculture and fisheries. According to principles of ‘ethicality’, food safety, protection of environment and landscape, labor, respect and animal welfare (bylaws, Art. 2.5).

It then broadens to include the powers to ‘promote, establish and participate in companies and bodies that carry out activities and services for the benefit of the categories represented and citizens, within the limits set by the relevant legislation and, in any case, with the exclusion of all liability‘ (bylaws, Article 3.4). But what does this have to do with asset management?

Coldiretti, a union or a holding company?

Coldiretti is a union, that is, an unrecognized association. Like political parties, it benefits from a particularly simplified regime that allows it to operate smoothly and dynamically. With the justification of promoting the independence and substantial freedom of action of these legal entities.

Moreover, the proper function of trade unions and parties is to protect the interests of the social groups they represent. It is therefore legitimate to ask how far these individuals can go in financial and speculative activities. All the more so insofar as these activities are divorced from mutualism and services to its members.

The ras of Palazzo Rospigliosi

Vincenzo Gesmundo, secretary general of Coldiretti, sits firsthand at the table of high finance. All he needed this time was a modest investment – with farmers’ money, ça va sans dir – to win a seat on the board of Nextalia sgr. Between Don Camillo (Intesa San Paolo) and Peppone (UnipolSai), Guareschi would have commented.

The Poison Dossier points to Vincenzo Gesmundo as ‘the ras of Coldiretti‘, the deus ex machina of the Federconsorzi 2 operation, aka Consorzi Agrari d’Italia (CAI) SpA. (3) In a review of malfeasance and conflicts of interest that includes, among other things, Gesmundo’s wife’s participation-along with Ettore Prandini, president of Coldiretti-in B.F. SpA. (4)

From the stars to the stables

Gesmundo uses Coldiretti as an instrument of personal power (…). The director of each provincial federation is sent from Rome and is paid by Rome. And he is accountable solely and exclusively to him. We are not against Coldiretti, because Coldiretti is us, but against the management group at Palazzo Rospigliosi that has taken over the organization’ (Fausto Ligas, former president of Coldiretti Siena).

Coldiretti’s ras grants the magic circle prestigious appointments and golden salaries. About ten million to himself alone over a dozen years (5,6,7). Regardless of redundant conflicts of interest, or other malfeasance that no authority has so far had the courage to investigate (8,9,10). From the stars to the stables, Italian livestock farmers are at the end of their rope. Raw material costs (soybeans, corn) fly as Grana Padano and Gorgonzola sales, but milk for PDOs is sold below cost and those leading the ‘agricultural union’ are silent. (11) New business and/or assignments in sight?

#CleanSpades, now

Dario Dongo


(1) Dario Dongo. Federconsorzi 2, CAI SpA, AgriRevi, Coldiretti. The jerk dinner. GIFT (Great Italian Food Trade). 31.1.21,
(2) Nextalia sgr, bylaws. See Articles 8 (rights of shares), 12( right of dragging), 14 (right of first refusal), 15 (approval), 16 (change of control)
(3) Dario Dongo. Consorzi Agrari d’Italia SpA, Federconsorzi 2? The Poison Dossier. GIFT (Great Italian Food Trade). 1.1.21,
(4) Dario Dongo. CAI SpA, Federconsorzi 2. Federico Vecchioni’s Great Binge and Coldiretti’s magic circle. GIFT (Great Italian Food Trade). 16.2.21,
(5) Vincenzo Gesmundo holds various positions, in addition to his roles as Coldiretti secretary general and director in Nextalia sgr:
– Santa Lucia agricultural company, S.r.l. semplificata based in Forano (RI), managing director
– Germina Campus (Ger.Cam) S.p.A., based in Palazzo Rospigliosi, board member,
– Green Assicurazioni (Green) S.r.l., based in Palazzo Rospigliosi, board member,
– Consortium System Services (CSS) joint-stock consortium company, director (former vice chairman).
Other offices listed in the business register, which are no longer held, include:
– Vincenzo Gesmundo sole proprietorship based in Forano, RI. Signatory owner (enterprise started on 1.2.01 and cancelled on 2.1.18),
– Edizioni Tellus S.r.l., based in Palazzo Rospigliosi. Councilor (firm deleted 2.12.16),
– Eurocap Petroli S.p.A., chairman of the board from 7/28/16 to 12/31/18,
– Bluarancio S.p.A. President, vice-president and director, alternately between 9.8.01 (start date) and 31.12.18,
– Società Italiana Mediazione Creditizia (Simec) S.p.A. President from 4/29/14 to 12/31/16,
– Società Consortile Consorzi Agrari (S.C.C.A.), a consortium corporation limited by shares. Director since 4/29/11, for three fiscal years,
– Creditagri Italia società cooperativa per azioni, Confidi per la filiera agroalimentare italiana e la cooperazione. President since 11.7.13, director since 26.5.15 for 3 fiscal years (firm canceled 11.11.19)
(6) Emiliano Fittipaldi. Farmer and millionaire: record salary
For the secretary general of Coldiretti. The Express. 1/29/15,
(7) F.Q. Coldiretti, to Secretary Gesmundo 10 million over 12 years. He denies and runs away. The Daily Fact. 11.2.16,
(8) Dario Dongo. Conflict of interest AGEA – Pagliardini – Coldiretti, questions to the European Parliament. GIFT(Great Italian Food Trade). 30.1.21,
(9) Dario Dongo. Coldiretti, AIA and the golden calf. #Clean spades urgently needed. GIFT (Great Italian Food Trade). 9.2.21,
(10) Dario Dongo. Coldiretti and Unaprol. The uncertain fate of public funds intended for Italian olive growers. GIFT (Great Italian Food Trade). 6.2.21,
(11) It would be enough to demand the implementation of the Unfair Trade Practices Directive. V. Dario Dongo. Unfair trade practices, the EU directive 2019/633. GIFT(Great Italian Food Trade). 4.5.19,

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Dario Dongo, lawyer and journalist, PhD in international food law, founder of WIISE (FARE - GIFT - Food Times) and Égalité.