Italian complementary pension fund Fon.Te has launched a tender process for up to 17 investment managers to take on five and 10-year mandates covering its total assets of some €4bn.
The pension fund, which covers employees in the trade, tourism and service sectors, said in an announcement published yesterday that it was looking for managers for its four investment sub-funds, as well as a risk overlay manager.
Fon.Te is searching for a maximum of two managers for the guaranteed sub-fund (comparto garantito); up to nine managers for the balanced sub-fund (comparto bilanciato); up to three managers for the growth sub-fund (comparto crescita); and a maximum of three managers for the dynamic sub-fund (comparto dinamico).
The guaranteed sub-fund mandates – for a total of around €1.4bn of assets – are for 10 years, while the contracts are to run for five years, according to the announcement.
Within the balanced sub-fund, Fon.Te is seeking:
- two specialist global government bond mandates of an estimated €223m each;
- one European corporate bond mandate of around €223m;
- one US corporate bond mandate also worth around €223m;
- a €290m global equities mandate; and
- three global balanced mandates of around €350m each.
Within the growth sub-fund, the pension fund intends to award two global balanced mandates of around €80m apiece, while the dynamic sub-fund is to involve two global balanced mandates worth an estimated €70m each.
In addition, Fon.Te said it intended to evaluate awarding special risk overlay mandates to a single manager. There were to be three of these mandates, it said: one for the balanced sub-fund worth an estimated €70m; one for the growth sub-fund of around €6m and a third for the dynamic sub-fund worth about €5m.
The deadline for questions about completing the questionnaire is noon on 3 July, and the deadline for technical documentation is noon on 9 July. More information is available on the scheme’s website (in Italian).