ITALY - Laborfonds, the €100m complimentary pension fund for workers in Northern Italy, has appointed New York-based Alliance Capital to run its €10m US equity and fixed income portfolio.

The equity portion of the US portfolio, which has a maximum 40% weighting, will be benchmarked against the S&P500, but the fixed income benchmark remains undetermined.

The appointment completes the fund’s manager roster, taking its total to five. The other four portfolios consist of Italian equities and European bonds which are managed by San Paolo di Milano, European equities which is run by Lombard Odier & Cie and global fixed income, managed by ING.