The pension fund for the bank Monte dei Paschi di Siena has tendered two mandates seeking an ESG and financial adviser.

The fund has also issued a services tender for a firm to conduct statutory auditing activities to the fund’s financial statement covering a three-year period 2021-2023.

The deadline for applications for the three mandates is 16 March.

The bank’s pension fund is also seeking to award a mandate for actuary services – the deadline to participate in this tender has been set 17 March.

PreviAmbiente seeks manager for garantito fund

PreviAmbiente, the Italian pension fund for workers in the environmental hygiene and related sectors, is looking for manager to manage its garantito investment option, which invests to achieve returns equal or higher than the severance pay option (Trattamento di Fine Rapporto, TFR).

Interested parties can apply by 26 March. 

The garantito option allocates assets in medium and long-term bonds (95%) and the remaining 5% in equities. Its equity exposure can reach a maximum of 10%, based on market opportunities, or it may go down to less than 5%.

If its equity exposure is less than 5%, the appointed manager will be awarded a lower commission, according to the fund’s financial statement.

PreviAmbiente’s garantito option recorded a gross return of -0.06% in 2020 against a benchmark of 0.56%. Returns for TFR last year reached 1.50%. Year-to-date, the fund recorded a -0.08% performance against a -0.13% benchmark. Net assets for benefits in the fund amounted to €285.75m as of January 2021.

Mario Negri looks for US equities manager

The Italian pension fund for executives of commercial, haulage and transport companies – Fondo di Previdenza Mario Negri – is searching for a manager to run a US equities brief worth €120m.

This is in addition to three mandates – US convertible bonds, European equity and global equity – tendered just last September.

Link Institutional Advisory is advising the fund during the tender process.

Participating candidates must have at least €2.5bn of assets under management as of 31 December 2020 for the asset class.

Separately, Mario Negri terminated State Street Global Advisors’ contract to manage the fund’s bilanciato mid-term TFR option. German asset manager Grüner Fisher Investments was appointed as replacement.

Fondo Creval tenders DB scheme mandate

The board of directors for Fondo Creval, the pension fund for employees of the Credito Valtellinese bank, has put put a tender to manage its defined benefit (DB) section.

Fondo Creval set up a DB scheme section on 30 December 2020 to take over 76 beneficiaries of the DB scheme part of Creval’s internal funds company.

The fund requires candidates to pursue an active management approach to achieve returns higher than its benchmark, a notice disclosed.

it also stated that the fund’s board would reserve the right to introduce qualitative and qualitative limits consistent with its risk/return objectives, but it would also take into account proposals from the appointed manager.

In the selection process Creval will prioritize candidates with significant experience in the management of portfolios of supplementary pension schemes and ESG criteria in the investment process. The fund’s total assets amount to €7.5m, of which 75% is allocated to bonds and 25% to equities.

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