ITALY - Foncer, the second pillar supplementary pension fund for workers in Italy’s ceramic tile industry, is looking for three managers for its €70m portfolio.

The Sassuolo-based fund is organised as a ‘monocomparto’, a single balanced portfolio with a strategic allocation of 70% bonds and 30% equities. The equity allocation is split equally between European and non-European equities.

The portfolio is currently managed in equal shares by Monte Paschi di Siena, IMI San Paolo and RAS. The closing date for applications for the new mandates is 14 April.

Foncer reported a record investment performance last year, with a return of 9.6%. This compares with the 2.62% revaluation of Tfr, the severance fund.

The fund has seen assets under management increase by a total of 31.7% since it began investing in 2001, representing an average increase of 6.85% over the past five years.

The fund’s assets were around €70m at the end of last year, up €17m on 2004. Contributions will add a further €20m this year.

Foncer has attracted 8,785 members out of a potential pool of 30,000 since it began enrolling in 2002. The fund is relatively immature, with two thirds of members aged under 45.