Fonchim, the Italian chemical workers pension fund, has appointed six investment managers to run its L122bn ($70m) of assets.

Three of the managers Assicurazioni Generali, Riunione Adriatica di Securita and Unipol will manage 100% pure European bond portfolios over three years. Three further balanced portfolios will be managed by CreditRolo, IMI and State Street, with a 40% curo bondand 60% equities brief, with the equities split 20% domestic, 14% in EU, 20% in US and 6% in Japan.

Andrea Giradelli, operations manager at Fonchim, says: We are delighted with the new appointments, which followed a rigorous selection process involving 42 companies.

Those chosen best suited our needs and showed excellent previous performance.""