Morgan Stanley picks up Italian job
Fiat, the Italian car manufacturer, has awarded two defined contribution mandates starting at L40bn (e207m) to Morgan Stanley Dean Witter Investment Management – the company’s first Italian mandate win – and Romagest, the asset management company of the Banca di Roma group.
The portfolios will be managed on a 60% balanced and 40% specialist fixed-income basis, with expected annual inflows from new contributions of around L37bn. Fifteen thousand Fiat employees have subscribed to the fund so far, with the number set to rise to 20,000 by year-end.
Gianluigi Garrino, chairman of the Fiat pension fund, says: “We undertook a thorough selection process before deciding on Morgan Stanley. We were impressed by the group’s investment process, and in particular, their sophisticated asset liability modelling system.”