ITALY – Fopen, the e150m pension fund for employees of the Italian electricity utility, Enel, has appointed five new investment managers to the fund – two overseas and three domestic players.
However, Stefano Pighini, financial manager at the fund says that the managers cannot be named until formal contracts have been approved by Covip, the Italian regulator.
He adds though that there are five firms, of which two are overseas players, and that the mandates awarded are for balanced investment strategies.
“There are no signatures on the contracts yet. There will be three lines of investment but all will be balanced funds with different contents of equities from between 30% and 70%.”
Pighini says the fund has approximately 54,000 members out of the 74,000 employees that make up the Enel group.