ITALY – Cariplo’s 2.7 billion euro pension fund says it is looking for an operating consultant to assist in its recent decision to outsource part of the fund to external managers.

The Cariplo pension fund, which provides supplementary pension coverage for employees of Cassa di Risparmio delle Provincie Lombardie, says that it recently reviewed its organisation of financial management. It was decided to delegate the management of part of its securities portfolio to a number of asset managers. A spokeswoman for the fund added that the exact size of the portfolio has yet to be decided.

The fund will also be looking to appoint a depositary bank responsible for custody, settlement and administration.

The fund is looking for a consultant with a registered office in an EU country that will select asset managers on a continuous basis, monitor and report on assets managed by the external asset managers, and define tactical asset allocation.

All applications must be received by December 12, with the appointment expected to commence in January.