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Giant Italian fund selects new managers

ITALY – Fondo Pensione Complementare per la Famiglia (Fondo Famiglia), the Italian housewives’ and part time workers’ pension fund, which could potentially include as many as 15 million members, has made its final selection of managers to run its assets.

Of the short list of twelve as reported by IPE-Newsline in September, Fondo Famiglia has chosen Deutsche Asset Management (DeAM), San Paolo IMI, Schroder Investment Management (SIM) and Pioneer Investment Management (PIM).

DeAM and San Paolo will manage the closed fund’s assets between them until a certain level of contributions is reached, at which point SIM and PIM will join them.

The Fondo Famiglia has decided on an investment strategy that is split 40% equities and 60% bonds. No information regarding how the portfolios will be split between the managers is available, but they are expected to contain overseas as well as domestic portions.

Says Federica Rossi Gasparrini, president of the female run Donneuropee Federcasalinghe, the Italian housewives’ association that set up the Fondo Famiglia: “The four selected financial groups, of which two are Italian and two foreign, are well known for their professionalism and historic reputation.”

Though no fund size has yet been determined, the fund currently has 5,125 members and got the green light to start trading from the Italian statutory authorities earlier this month.

Banca di Roma will act as the fund’s depository bank.

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