ITALY – The €77m Laborfonds, the complementary pension fund for workers of companies registered in the Trentino Alto Adige region of Northern Italy, is looking for managers for a US equity and fixed income mandate.
The portfolio, the size of which is undisclosed, will consist of a minimum 60% fixed income and maximum 40% equity portion. No other details are available except the fund, as with its previous manager searches, expects to appoint just one manager to run the portfolio.
The search comes nearly a year after the fund selected San Paolo di Milano to run a European fixed income and Italian equity mandate, Lombard Odier & Cie to manage a European equity portfolio and ING to run a global fixed income mandate.
Laborfonds, a closed ended complementary scheme, is slightly different to the wave of other new complementary pension funds that have sprung up in Italy in the past few years in that it is regional rather than industry or sector based. Its membership currently numbers just under 55,000
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