ITALY - Fondo Fonte, the €132m (£83,64m) Italian pension fund for commerce, tourism and service sector workers, is seeking external managers for a guaranteed minimum return portfolio.

Part of one of the fund's compartments, the portfolio can include derivatives and will invest a maximum of 10% of its total assets in equities.

The rest will go into fixed income instruments, according to the scheme.

The size of the section will depend on the transfer of workers' final indemnity payments (TFR) into the pension fund.

The move is part of the Italian government's plans to boost the growth of the country's defined contribution pension sector.

Tenderers wanting to participate can send in requests for proposals by November 23.

The mandate will go to the most economically advantageous tender.