ITALY – The national pension fund for Italian journalists, the Istituto Nazionale di Previdenza dei Giornalisti Italiani, has awarded a €600m depositary bank brief to BNP Paribas Securities Services.
“The range of services offered as part of this deal includes global custody, investment compliance and investment accounting,” the French bank said.
The fund, INPGI, is the national compulsory pension fund for Italian journalists.
It is incorporated as a private foundation and manages retirement schemes for around 15,800 journalists. The transition of services is planned for completion by July 2006, BNP Paribas said.
“Following our recent successful mandate win from ENASARCO, BNP Paribas continues to strengthen its market position and visibility in the Italian pension fund market,”
said Stefano Catanzaro, head of sales and relationship management for institutional investors in Italy.