Niche AM is an investment boutique set up in London in 2018 with a dual mission:
Through its range of Funds and Projects Niche AM provides investors with a set of neglected and uncorrelated investment opportunities, allowing greater portfolio diversification and risk mitigation.
Niche AM is an ESG-responsible investor: all products are Art. 8, 8+ or 9 funds as per the EU’s Sustainable Finance Disclosure Regulation.
The ~20-strong company has been set up by Massimo Baggiani, Andrea Andreis, Marco Malvicini and the late Angelo Abbondio (the iconic and visionary investor who pioneered Italy’s mutual fund industry).
The company is registered in England and Wales (10805355) and authorised by the FCA (Rn 783048).
For more details see our Investor Deck
Massimo is co-founder and partner of Niche Asset Management, as well as Executive Director on the company’s Board.
After a few years as credit analyst and auditor, in 1999 Massimo landed a job at Symphonia sgr, a mid-size Italian asset manager, where he started as Financial Analyst to then become Portfolio Manager and eventually Head of Equities and Chief Investment Officer. He had the privilege to work directly with the late Angelo Abbondio, the iconic Italian investor and founder of Symphonia.
From 2006 to 2017 he managed most of Symphonia’s global equity assets, about US$1.5bln spread across mutual funds and institutional mandates, covering different geographies (Europe, USA, Emerging Markets, Asia, Global) and products (equity, thematic, small caps, balanced, flexible, total return). Between 2006 and 2012 Massimo reorganized and led Symphonia Multisicav sgr, Symphonia sgr’s sister investment company focused on funds of funds.
In 2015, together with Portfolio Manager Andrea Andreis, Massimo launched the world’s first-ever Electric Vehicles mutual fund, which under their 2.5-year tenure recorded a performance (before fees) of about 60%.
Between 2005 and early 2018 Massimo was Director of Symphonia Lux and from 2015 to 2016 Director of Leo Fund ltd, a small UK asset manager. Massimo is CIIA and holds a degree in Economics from the University of Turin. During his many years at Symphonia the products managed by Massimo won several awards.
He left Symphonia in February 2018 to set-up Niche AM, where he is also Chief Investment Officer and Portfolio Manager.
Andrea is co-founder and partner of Niche Asset Management, as well as Executive Director on the company’s Board. He started his career in 2002 as a financial analyst for Studi & Investimenti, an independent research provider specialised in small caps. In 2007 he moved to Banca Intermobiliare (Symphonia’s parent company) where he worked in the financial research department, covering Italian and European micro and small caps under different roles (senior research analyst, Investment Banking specialist and IPO bookrunner). He has specialised in neglected small and micro-cap companies, i.e. companies poorly or not covered by the investment community.
In 2010 Andrea started collaborating with Massimo as buy-side analyst, helping him cover European small caps. This turned out to be a fruitful venture: eventually Andrea became a senior fund manager, helping Massimo manage Symphonia’s global equity assets. He focused on small and micro caps in Asia, Europe and USA across several mutual funds and institutional accounts.
Andrea holds a degree in economics from the University of Turin. He left Symphonia in December 2017 to co-found Niche AM, where he is also a Portfolio Manager and Head of Research.
Marco is partner of Niche AM and Head of Strategy. He is an accountant, a financial journalist, an entrepreneur and a successful and passionate investor. Since 1991 he’s been a partner and CEO of Studi & Investimenti, a prestigious financial research company which anticipating the small caps uptrend in the stock market decided to focus on what at the time was a neglected asset class. He was the key dealmaker in several corporate finance operations in the asset management sector. Marco has a long experience as director of asset managers and investment fund vehicles. His experience brings a valuable strategic vision to Niche AM.
Roberto is Internal Auditor at Niche AM’s and also Chairman on its Board. He is a highly regarded manager with 18 years of experience in the asset management industry. He is Chief Executive Officer at UK asset manager Pentalpha Capital Ltd. Prior to moving to London, Roberto was based in Lugano, where he was Deputy CEO at Saint George Capital Management (Fondiaria-Sai Group). He began his career as a hedge fund manager at Banca Zarattini. In his role as Director Roberto supervises the firm’s compliance and risk management procedures and implementation.
Fabrizio is Niche AM’s Chief Operating Officer and Chief Financial Officer. He has almost 25 years of experience in the financial industry, mostly spent as Head of Back Office in Banca Intermobiliare, an Italian bank specialised in Wealth Management. In this capacity he helped implement and optimize the bank’s internal systems and processes, overseeing day-to-day operational risks.
Fabrizio worked closely with different functional areas of the bank and its asset management arm Symphonia, ensuring that each was functioning effectively and collaboratively, as well as interacting with Italian and international regulators.
Fabrizio met and worked with Andrea and Massimo for many years at Symphonia and this successful collaboration continues now in Niche AM.
Marius is Niche AM’s Risk Manager. He monitors risk and performance of Niche AM funds and NJ Projects, regularly conducting stress tests and liquidity risk analyses and ensuring that funds comply with prospectuses, relevant laws and market regulations. Marius provides regular risk and performance reports to senior management and investors. He holds a MSc in Investment and Risk Finance from the University of Westminster and is a CFA Institute Charterholder.
Adriele is Niche AM’s Operations Officer and Assistant to the Chief Operating Office. She is a veteran at Niche Asset Management, having joined in 2018 just when the firm was being set up. She plays a critical role in overseeing all the firm’s operational aspects, including responsibilities for operational planning, accounting, resource management and intra-departmental communication & coordination.
Paolo is Niche AM’s Head of Communication, Investor & Client Relations. He has worked for over 25 years in financial markets between London and Milan - first at Banco do Brasil as Chief Market Strategist and later at Bank of America and Sanford C. Bernstein, where he was responsible for Equity Sales & Sales Trading for Italian and Spanish institutional investors. In 2018/2019 Paolo worked as Chief of Staff at the Ministry of Economic Development in Rome. He holds a Master’s degree from the London School of Economics and a Finance degree from Birkbeck College, London.
Salina is Niche AM’s Head of Sustainability Research. As such she has helped develop Niche AM’s proprietary sustainability taxonomies, as well as the firm’s engagement based ESG products, ensuring that all Niche AM funds and NJ Projects comply with Articles 8, 8+ or 9 of the EU’s Sustainable Finance Disclosure Regulation. Salina also leads Niche AM’s Japanese Equity Research team. She holds the CFA’s Certificate in ESG investing, as well as a BA in Modern Languages and Business & Management (Japanese) from the University of Manchester.
Sojung joined in 2022 as Niche AM’s Financial Sustainability Analyst. As a key member of the Research team, Sojung has contributed to the development of Niche AM’s sustainability analysis and the buildout of the firm’s ESG products. Sojung leads the corporate engagement and SDG-compliance processes for Niche Jungle’s Korean Reunification SDG Project. She holds a BSc in Economics from Seoul’s Sungkyunkwan University and an MSc in Finance from Bayes Business School in London.
Limartha is a Senior Financial Analyst based in Jakarta, Indonesia, in charge of financial analysis for Niche AM’s NJ Indonesian Small Caps SDG Project. He started his career as Relationship Officer at Bank Danamon Indonesia in 2012. In 2019 he moved to Pratama Capital Asset Management in Jakarta as Senior Investment Research Analyst, responsible for equity research and assisting in the management of equity, fixed income and money market portfolios. In June 2022 Limartha joined UOB Kay Hian Sekuritas as Equity Research Analyst, covering mining, property, cement, and toll road concessions.
Merrilyn joined Niche AM in January 2026 as a Sustainability Analyst for our Indonesian equity strategy and as a Risk Manager Assistant supporting the risk management function across all Niche AM funds. She is based in Jakarta. Before joining the firm, she worked as a Business Intelligence and Data Analytics Junior Associate at Monee, a digital financial services company based in Jakarta, and as an intern at asset management firm Heyokha Brothers Indonesia, Allianz Life Indonesia, and Bank Mandiri, Indonesia’s largest bank. Merrilyn holds a degree in Business Mathematics with a minor in Actuarial Mathematics from Universitas Prasetiya Mulya (Jakarta). She is a native Indonesian speaker and is fluent in English.
Lorenzo joined Niche AM in January 2026 as a Financial Analyst Intern supporting the investment team across all Niche AM funds. Before joining the firm, he worked as an Intern Analyst at GB Costruzioni in Alba, Italy. Lorenzo earned a B.Sc. in International Economics and Management from Bocconi University and holds a Master in Professional Studies in Applied Economics and Management from Cornell University, where he is also completing an M.S. in Applied Economics and Management. During his studies, he completed exchange programs at the University of St. Gallen, Columbia University, and HEC Paris. He speaks fluent English, Italian, and French.
Edoardo joined Niche AM in July 2026 as a Financial Analyst Intern supporting the investment team across all Niche AM funds. Before joining the firm, he worked in the finance and management control team of COGEFA S.p.A. in Turin, following cost control and progress reporting on large construction contracts, and previously as an intern at LMF Advisor, where he supported business planning, financial monitoring and monthly cash-flow preparation. Edoardo earned a B.A. in Global Management – Enterprise & Innovation from Regent's University London, and is completing an M.Sc. in Economics & Finance at King's Business School, King's College London. He speaks fluent Italian and English, with a working knowledge of French and Spanish.
Atul is Niche AM’s Chief Compliance Officer. He has more than 25 years of experience in financial markets, mostly in asset management. As well as Portfolio Manager, Head of Equities and CIO, he has held roles as CEO, CFO and COO at various financial firms in London and abroad. Atul has experience of investing in both public and private equity assets across developed, frontier and emerging markets, and has also served as a non-executive board member at Sturgeon Capital. In 2019 Atul advised Niche AM on risk management processes during the firm’s capital raising phase. He holds a Masters degree in Business Administration from Warwick Business School and a BSc in Mathematics from Brunel University.
Alessia joined Niche AM as Sustainability Compliance Officer in 2023. She focuses on ensuring compliance of Niche AM funds and NJ Projects with sustainability-related frameworks and regulations, such as the EU’s Sustainable Finance Disclosure Regulation. Alessia holds a bachelor’s degree in Economics and Business from University of Naples Federico II, and is pursuing a master’s degree in Regulation and Compliance at Queen Mary University of London, specialising in Energy and Environmental Regulation.
Edmondo is partner and co-founder of Monda & Partners, with more than thirty years of experience in tax, legal and corporate advisory.
He is a qualified Supreme Court attorney, chartered accountant and statutory auditor, with deep expertise in extraordinary corporate transactions, corporate law, banking law and tax matters. He also gained significant institutional experience at the Italian Revenue Agency, where he held technical and training roles. Throughout his career, he has served in governance and supervisory positions across leading banking, insurance and industrial companies. Edmondo holds a degree in Economics & Business Administration and a degree in Law from the University of Naples - Federico II. He brings to Niche AM extensive regulatory, strategic and corporate governance expertise.
Asian Value Niche vince il premio Best 300 Funds di CFS Rating – 30th April 2026
Focus Risparmio – 21st January 2026 – Looking Where the Market Doesn’t Look: Niche AM’s ‘Lateral’ Value Approach”.
Focus Risparmio – 23rd October 2025 – Focus Risparmio ESG: Article 9 funds remain a niche, but they will lead the transformation — here are the best ones.
Plus 24 – Il Sole 24 Ore – 11th October 2025 – Ethical funds: strong returns even without investing in weapons.
Bloomberg – 3rd March 2025 – Japan Small-Cap Fund Tops Rivals With Stocks Few Analysts Cover.
NEF Ethical Global Trends SDG wins Wealth for Good award for Best Investment Methodology – 27 th June 2024 – Niche AM is pleased to announce that NEF Ethical Global Trends SDG fund has won Europe’s Wealth for Good award for Best Investment Methodology.
Niche AM’s Electric Mobility Value Niche & Asia Value Niche win Best 300 Funds awards from CFS Rating – Electric Mobility Value Niche Best 300 Technology fund, Asia Value Niche Best 300 Flexible Total Return fund
Reuters – 26th October 2023 – Stellantis takes $1.6bln Leapmotor stake to revive China fortunes.
Reuters – 15th November 2023 – Renault sets out targets for EV unit, won’t sell it cheap.
Corriere Economia – 19th June 2023 – The best ‘Technology’ equity funds.
Niche Asset Management Asian Value Fund secures Best300 funds award from CFS Rating – Pharus Asian Value Niche Fund included in the best Flexible Total Return category.
Niche Asset Management wins prestigious Italian asset management award – Electric Mobility Value Niche fund awarded for “Best technology equity fund” category at the at the 25th edition of the Premio Alto Rendimento, promoted by Il Sole 24 ORE.
The Niche AM team has been awarded at the Citywire Italia Awards 2022 – Our fund managers – Massimo Baggiani and Andrea Andreis – were distinguished as Best Manager of the Year 2022 in the “Flexible Multi-Asset Euro” category at the Citywire Italia Awards 2022
Morningstar – January 19, 2023 – The Technology Equity Funds That Best Navigated the Storm in 2022.
Milano Finanza – 10th December 2022 – Electric, sharing and 5G: how to invest in the cars of the future
WealthBriefing – 11th November 2022 – What’s New In Investments, Funds? – Niche Asset Management
Sole 24 Ore – Plus – 30th July 2022 – Technology. Opportunities resurface in a sector punished by rising rates.
Corriere Economia – 12th April 2021 – Beijing’s push to prime the electric engines.
I 300 Migliori Fondi – 2021 Edition – April 2021 – Our fund – Pharus Electric Mobility Niches – launched in 2019, has been rated best performing fund in 2020 by CFS Rating in its celebrated annual publication “The 300 best funds”, within the category “Balanced Equity Funds”.
Milano Finanza – 13th March 2021 – Electric Mobility Niches: one of the best performing funds focused on the electric mobility in the first two months of 2021.
Investire – 14th December 2020 – Korea Mon Amour.
La Verità – 16th July 2020 – Thoughts on the electric mobility outlook.
Cassa Centrale press release – 2nd October 2019 – All ready for NEF Ethical Global Trends SDG: the world’s first ethical value fund to combine quantitative and qualitative analysis.
Citywire – September 2019 – Asian Niches fund: a vehicle to get exposure to value and unique areas.
Bluerating – January 2019 – Niche AM: It’s all set for the launch of Asian Niches fund.
