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​Italian mandate roundup: PreviAmbiente, Previbank, Fondenergia

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Fondenergia, the Italian pension fund for workers in Italy’s energy sector, is searching for asset managers to run two investment options worth a collective €320m.

According to a mandate notice published today, the fund wants managers for its balanced and dynamic investment portfolios.

For the balanced portfolio, Fondenergia said the assets were to be invested actively with the aim of producing an above-benchmark yield over a three-year period.

Currency hedging is planned, and the tracking error limit has been set at 7%.

For its dynamic investment product, Fondenergia wants a balanced equities manager for around €160m of assets.

The manager would be able to modify the relative allocation between equity and bond instruments, the pension fund said.

Fondenergia’s deadline for tenders is 12 noon Central European Time on 23 November.

Hygiene scheme seeks ESG manager

PreviAmbiente, the Italian pension fund for workers in the environmental hygiene and related sectors, has put an active environmental, social and governance (ESG) equities investment mandate out to tender.

The €1bn pension fund is searching for a manager to take on a €110m mandate, benchmarked against the MSCI ACWI ESG Leaders index.

The actively managed mandate is denominated in euros and will form part of the pension fund’s balanced investment portfolio.

The deadline for proposals is 3pm Central European Time on 13 November, according to the notice.

Banking fund tenders for DC provider

Banking sector pension fund Previbank is looking for a investment manager to run a portfolio for its Comparto Finanziario investment option.

The mandate is for five years and involves all assets in this defined contribution fund, which at the end of December 2017 amounted to €44.4m of ANDP (assets linked to pension benefits) and €9.4m of other pension assets.

The balanced equities mandate is to follow an active style, aiming for a higher yield than the benchmark, and to stick within an 8% tracking error limit.

The Milan-based pension fund also laid out plans for an ESG investment policy.

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