ITALY - Solidarieta’ Veneto Fondo Pensione, the regional pension fund for blue-collar workers, is looking for three asset managers for its 60-million-euro fund.

The fund is split into three profiles, each representing an investment strategy: “prudent” up to 90% of which is invested in bonds, “return” up to 40% in equities and “dynamic” whose shares in equities must be between 30% and 60%.

At the end of September, “prudent” was worth about 31 million euros, “return”, about 17 million euros and “dynamic” about 12 million euros.

Each candidate is allowed to bid for the three profiles but each portfolio will be awarded to a different manager. The runner-up in each category could be handed a mandate when portfolios grow over 60 million euros.

Solidarieta’ Veneto said it was going to consider only managers based in the European Union except offshore centres.

Candidates will be asked to submit a questionnaire in Italian, a declaration that data submitted conforms to the standards specified by the questionnaire and a declaration that all the requisites are met.

The fund’s director, Franco Deotti, told IPE that knowledge of Italian is essential for candidates.

Up to four managers would be short-listed for each profile but Deotti said it would be difficult to forecast when the shortlists would be complete. The whole selection would be due to take place by May next year.

Deotti also said current managers would be “absolutely free” to bid again. They are: Unipol for the “prudent” fund; Arca Sgr for the “return” profile; and Invesco.