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​Italian pension fund seeks up to 17 managers to run €4bn

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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.

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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).

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  • QN-2559

    Asset class: Multi Assets.
    Asset region: -.
    Size: EUR 15m (may be split into two mandates EUR 7.5m).
    Closing date: 2019-09-06.

  • QN-2560

    Asset class: Private Equity.
    Asset region: Global.
    Size: $40m.
    Closing date: 2019-08-30.

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    Asset class: Infrastructure.
    Asset region: Global.
    Size: $40m.
    Closing date: 2019-08-30.

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