Fondoposte picks asset managers to oversee €1.4bn

Fondoposte, the Italian pension fund for postal workers, has appointed 10 asset managers to oversee €1.4bn in assets across a new sub-fund structure launched earlier this month. It has launched the new ‘Monetario’ and ’Crescita’ sub-funds.

As of 3 June, the pension fund’s assets will be split between four investment compartments – ‘Monetario’, ‘Crescita’, ‘Bilanciato’, and ‘Garantito’ – aligning portfolio strategies more closely with members’ risk profiles and time horizons.

Amundi has been appointed to manage a short-term euro aggregate active bond mandate for the ‘Monetario’ sub-fund, which is tailored to risk-averse members and those approaching retirement. The sub-fund invests in corporate and government bonds, with a focus on short durations.

Eurizon Capital has been selected to manage the new ‘Crescita’ sub-fund, which adopts an active investment approach with 70% equity and 30% bond exposure. The strategy is designed for members with a long-term investment horizon of more than 15 years before retirement.

In the ‘Bilanciato’ sub-fund, Allianz Global Investors has been awarded an active equity mandate worth €110m, while Amundi will manage a €170m allocation to government bonds, also through an active strategy.

Fondoposte has also entrusted AXA Investment Managers and Insight Investment Management – part of BNY Mellon – with active bond mandates totalling €360m. Eurizon Capital was awarded a €170m passive mandate for government bonds, as well as a €60m equity mandate tracking the FTSE MIB Net Total Return and FTSE Italia STAR Net Dividend indices.

Macquarie Investment Management, Schroders and UBS Asset Management have secured mandates totalling €500m under the ‘Bilanciato Obbligazionario’ mandate, which invests in both equities and bonds. Additionally, UBS AM has been awarded a €110m passive global equity mandate.

Antonio Nardacci, chair of Fondoposte, said the selection process marked a key step in refining the scheme’s investment model.

“The new management structure further strengthens our multi-manager model, guaranteeing members transparency, risk control following long-term results with an eye on sustainability,” he said.

“The know-how of the selected managers will help the pension fund to tackle upcoming challenges on the financial markets,” Nardacci added.

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