ITALY - Fopadiva, the pension fund for employees of the semi-autonomous Valle d'Aosta region is looking for at least two fund managers to look after a ‘dynamic' and a ‘prudent' portfolio.

Fopadiva said in a statement on its website: "In the sitting of February 27, the board of directors has decided to proceed with the selection of financial institutions to manage the ‘prudent' and the new ‘dynamic' elements of our portfolio."

The fund added, in its request for tenders, the ‘prudent' portfolio had €64m in assets at the end of January, with 80% exposure to bonds and the remaining 20% in equities.

Fopadiva has not yet quantified the size of its ‘dynamic' fund, though said the exposure to equities could be up to 45% while the balance is to be invested in bonds and cash instruments.

The fund says it is looking for "at least two managers", separate to its main investment profile, which, until now, has been managed solely by Pioneer Investment Management.

Requests for tenders can be sent to the fund until April 1.