ITALY – Laborfonds, the 190 million-euro pension fund for employees of the Trentino Alto Adige region, has tendered a global bond and a global equity mandate - both worth 10 million euros each.
The fund, which has a strategic allocation of 60-40 bond-equities, is looking for EU-based asset managers to join the fund’s existing four managers.
They will join ING Investment Management Italia SRG, San Paolo IMI Wealth Management, Lombard Odier Darier Hentsch and CDC IXIS Asset Management, towards the end of April, the fund’s spokesman Giorgio Valzogher said.
Laborfonds, set up in 1998, has 65,000 members employed in 4,200 companies and runs a defined contribution scheme. The fund is expected to grow by 80 million euros a year, Valzogher added.
The fund was recognised by the pension regulator Covip in 2000.
Asset managers should be able to prove “a capability to move away, even significantly, from the set benchmark,” the request for tender said. “We would like someone who can think differently,” Valzogher elaborated.
Laborfonds will consider managers with three billion euros under management in bonds and 1.5 billion euros in equities.
The fund, also being assisted by consultant Centrum PensPlan, is also looking out for a five-year performance track record.
Management is expected to award the four-year mandates by the end of April.