Fondo Pensione Priamo, the second-pillar fund for the Italian public transport industry, has tendered two mandates: global fixed income and pan-European small and mid-cap equity.
Link Institutional Advisory Sagl is advising the €1.8bn scheme in the process. The investment amount for the fixed income mandate is for €198m, while the small and mid cap brief is worth €96m.
Participating asset managers will need to apply electronically via email no later than 4pm (CET) on 15 December. The mandates last for four years.
Interested participants can find more information here.
Enpav to allocate €30m to real estate
Enpav, the pension scheme for vets, will allocate €30m to real estate in 2021. The fund, which will have in total €107m liquidity at its disposal, also plans to invest €77m in securities with the aim of reducing existing gaps between asset classes.
The scheme has designed a new strategy for its asset allocation: the share of its real estate investments stood at 26.6%, with securities at 12.5%, but will be cut back based on its new investment policy for 2021. The remainder is held in global bonds and alternatives.
This year Enpav has invested a total of €25m in securities, including €10.5m in equities, €6.5m in bonds and €8m in multi-asset funds.
It has established E.O. German JV S.à.r.l., a company jointly held with Optimum Operating Partners that buys, manages and sells properties located in Berlin. The amount invested €20m in the project.
Enasarco expects lower contributions
Fondazione Enasarco, the Italian pension fund for sales representatives, is expecting an 8% reduction in contributions for 2020. The health emergency triggered by the COVID-19 pandemic has had a negative impact on contributions and memberships at the fund.
The asset owner foresees a partial recovery in 2021.
The reduction and the possible loss of members means that benefits could exceed in value against paid contributions, the fund said, adding that it will only be possible to draw an exact picture of the consequences of the pandemic at the end of next year.
Enasarco has approved extraordinary disbursements for a total of €26.4m for its members in 2020.
ENPAM approves 2021 budget
ENPAM, the pension fund for medical consultants, has approved its budget for 2021. The fund expects to record a positive balance worth €470m.
The largest share of contributions to next year’s budget will come from investments, with €372m, and a smaller part from contributions paid by members.
ENPAM expects €2.8bn in income from contributions – which is lower than last year’s due to the negative impact of the COVID-19 pandemic – against benefits of €2.6bn.
To date, 78,110 doctors and dentists have received a COVID-19 impact bonus paid by ENPAM of up to €3,000. The fund has also allocated state subsidies of €600-€1,000 to 43,000 members.