Italy roundup: Industry scheme seeks managers for €1.6bn worth of mandates
Italian industry pension fund Previdenza Cooperativa has launched a tender process to select asset managers for two of its investment options, to handle total assets worth around €1.6bn.
The Rome-based fund, which has €2bn in total assets under management, said it intended to issue eight mandates in all for its balanced and dynamic saving options, which have assets under management of around €1.4bn and €175m respectively.
For external management behind Previdenza Cooperativa’s balanced option, the pension fund has tendered for four global multi-asset bond mandates of approximately €240m each, one total return global bond mandate for an estimated €240m, and one global equity mandate for an estimated €140m.
The tenders for the fund’s dynamic option, meanwhile, involve two global multi-asset equity mandates for approximately €85m each.
Previdenza Cooperativa said proposals must be submitted by 1pm central European time on 1 August. Any additional information can be found on its website, with any requests for further information to be sent by midday on 24 July.
Telecoms fund eyes private debt, private equity allocations
The Italian pension fund for the telecoms sector has launched a search for two investment managers to take on private debt and private equity mandates.
Fondo Telemaco is seeking one manager for a private debt mandate worth an indicative amount of €55m within its Prudent savings option, with the contract lasting 10 years. The fund said the aim for this mandate was for a manager to achieve a net cash multiple greater than 1.4.
The pension fund is also seeking a manager for a €50m private equity mandate within its Balanced option. The mandate’s stated aim is to invest in European private equity funds, with appropriate portfolio diversification and active management. Fondo Telemaco said the contract would have a duration of 12 years and and aimed to achieve a net cash multiple of greater than 1.8.
The fund’s €1.9bn total assets are split into three investment sub-funds: Guaranteed, Prudent and Balanced.
Solidarietà Veneto awards mandates to Groupama and Eurizon
Italian multi-employer pension fund Solidarietà Veneto has selected external managers for two of its investment options.
Following a tender process conducted for its Income (Reddito) and Prudent investment lines, the Venice-based pension fund chose Groupama and Eurizon respectively to manage the two mandates. Contracts with Mediobanca SGR and Candriam respectively had come to an end, the pension fund said.
Both new partners have worked with Solidarietà Veneto in the past in various ways.
Almost €300m was invested in the Income investment line at the end of May 2019, according to data on the pension fund’s website, while the Prudent line had around €643m under management.
Solidarietà Veneto managed €1.4bn at the end of May.