Fondo Byblos, the Italian second-pillar pension fund for the paper, publishing and media sectors, has appointed Payden & Rygel Investment Management to run €190m as part of a new investment strategy.
The pension fund, which has €1bn in assets under management, has awarded a globally balanced mandate to invest in bonds, equities and UCITS funds, it said.
Sara Labombarda, general director of Payden & Rygel Global SIM Italy, said the manager will invest the assets in the pension fund’s ‘Bilanciato’ sub-fund through a bespoke strategy.
Joan Payden, founder and chief executive officer of Payden & Rygel, added: “We are pleased to be able to offer them [Byblos] our ability to provide broad diversification and exposure to global credit and equity markets, with a specific focus on liquidity dynamics, risk management, in line with Payden & Rygel’s philosophy, and capital preservation.”
The appointment is part of Byblos’ new investment strategy, which took effect on 1 July. The changes include cutting the equity allocation in its ‘Bilanciato’ sub-fund, which has €760m in assets, from 35% to 30%.
Byblos has also revised its benchmark for liquid asset classes, adopting global indices for both equities and bonds, and allowing for credit exposure up to high yield, subject to limits.
In alternative assets, the share of private debt, private equity, real estate and infrastructure – managed via a multi-asset mandate with Neuberger Berman – will reach up to 15%, reducing the overall allocation to listed equities and bonds.
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