Italian funds to discuss investment review
ITALY - The Italian pension fund regulator Commisione di Vigilanza sui Fondi Pensione (Covip) has invited Italy's largest pension funds to discuss possible changes to the current investment strategy in light of the credit crunch.
Covip has written to the various representatives of Italy's largest and most important schemes for a meeting on Tuesday next week to see if a review of their investment policy and management should take place.
Andrea Girardelli, director of the €1.9bn Fonchim pension fund for the Italian chemical workers, told IPE today the regulator has set up the meeting to gauge if the general investment policy of funds is still suitable in the light of the current credit crisis.
In a written statement issued last month, Covip warned only those with a particularly careful investment profile had registered positive returns.
Covip has also said from next year it will publish industry data on a quarterly basis, instead of just yearly, but at the same time will ask pension funds to step up communication with their members.
The regulator wants to discuss a proposed introduction of a year-long guarantee for fund members who have left the Trattamento di Fine Rapporto (TFR) scheme on or after August 31 of this year.
TFR is a portion of a salary that all Italian companies have traditionally kept on their books to give to their workers when they retire or leave for another job.
IPE revealed last month that a planned review, designed to allow Italian pension funds to diversify into higher yielding asset classes, had been put on hold. (See earlier IPE story Italy delays review of funds' asset limits)
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