Fondenergia, the Italian pension fund for the energy sector, is adjusting its strategic asset allocation to increase its equity exposure and has launched a manager search ahead of the introduction of a new life cycle investment option from 1 July.
The pension fund is raising the equity allocation of its ‘Dinamico’ sub-fund by around 7 percentage points to reflect a higher risk/return profile, it said in a recent note.
The move is part of a broader strategy to offer members a life cycle approach, whereby younger savers take on more investment risk, gradually shifting towards lower-risk bonds as they near retirement.
The Dinamico sub-fund, which had €1bn in assets under management at end-2024, is currently allocated 60% to equities and 40% to bonds. Assets are managed both directly and through external mandates, with Amundi and Azimut among the current liquid asset managers.
Meanwhile, Fondenergia has initiated a tender process to appoint a manager for a new global equity mandate within its €3.2bn ‘Bilanciato’ sub-fund. Existing liquid asset managers in the sub-fund include Amundi, Candriam, Eurizon Capital, Pimco, State Street Global Advisors and UBS Asset Management.
The pension fund has extended for two years the mandates due to expire on 30 June for managing liquid assets in both the Dinamico and Bilanciato sub-funds.
Separately, Fondenergia has replaced Credit Suisse with UniCredit as the guarantor of capital in its ‘Garantito’ sub-fund. The change follows the UBS acquisition of Credit Suisse and aims to reduce the cost of capital guarantee provision, the fund said.
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