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Italy’s Cooperlavoro seeks managers after revamp

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ITALY - The €64m Cooperlavoro is looking for up to six asset managers after a switch from a single- portfolio to a three-portfolio investment strategy.

Cooperlavoro, the defined contribution fund catering for cooperative workers, is launching three portfolios to cater for different risk attitudes, president Flavio Casetti told IPE.

He said: “We have always considered the one-portfolio solution as a start-up solution.”

The new solution will also allow the fund to consider more asset management options, he added. It posted a 5.96% return last year and has yearly cash inflows of about €20m

Casetti said the fund hoped to appoint between four and six managers for the 90:10 bonds-equity “safety” portfolio, the 70:30 bonds-equity “balanced” offering and the 60:40 equity-bonds “dynamic” portfolio.

Candidates bidding for the “safety” portfolio must be able to guarantee a minimum return of 2%.

The size of each portfolio will depend on the members’ choices. The fund is going to award a single manager no more than two mandates for a maximum of four years. Appointments are scheduled to take place in mid-May

At the moment Cooperlavoro’s funds are managed by RAS Asset Management SGR, San Paolo Institutional Asset Management and Unipol. It is likely that the managers will bid for the new mandates, Casetti said.

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  • QN-2444

    Asset class: Trade Finance.
    Asset region: Global.
    Size: USD 10m.
    Closing date: 2018-06-25.

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