Fonchim, the €6.8bn pension fund for  the Italian chemical sector, has awarded €260m to Credit Suisse Asset Management, to be managed through a balanced passive strategy in the fund’s growth segment.

The mandate will be managed by Credit Suisse AM’s Milan balanced solutions team, which specialises in multi-asset strategies, the fund said.

The appointment follows the fund’s move last summer to retender assets worth €1.75bn.

The manager has previously managed assets for Italy’s second largest pension fund. 

Separately, the Ente Nazionale di Previdenza e Assistenza per i Consulenti del Lavoro (ENPACL), the Italian pension fund for labour consultants, has tendered a mandate for investment consulting services.

The scheme is looking to appoint a firm that will provide integrated analysis between assets and liabilities for the specification of a strategic allocation, and the identification of an optimal tactical allocation.

The appointed consultant is also expected to offer support monitoring results, and risks and sustainability of investments, for a period of three years.

Any requests for clarification must be made exclusively in writing and must be received by 27 February 2020, 12pm CET, through ENPACL’s platform. The deadline to participate is 6 March.