Spain's SEPI picks seven managers
SEPI (Sociedad Estatal de Participaciones Industriales), the Pts914bn (e5.5bn) Madrid-based pension fund for Spanish state-owned industrial companies and one of Europe's largest retirement schemes, has announced the selection of a raft of managers to invest its assets.
The fund published a list of seven managers on January 22, with each to look after as yet unconfirmed portfolio amounts of Pts90bn-170bn when the fund transfers its subscriptions for investment before 2001.
The chosen managers, in order of projected portfolio amounts, are: Mapfre, expected to hold around 18% of the fund, Euroseguros, Vida Caixa, Musini, Argentaria Vida, Caja Madrid Vida and Santander Seguros, mooted to be given 10% of SEPI's assets.
A spokesperson for SEPI, said: The final signing of the list of managers is now complete, but as yet we have not decided how these assets should be invested. We looked at around 14 managers having put out pre-selection criteria of experience, manager size and strength and volume of assets already under management. Those selected were the managers we felt could manage our securities with risk factors firmly in mind."
Musini, one of the selected companies, also carried out the consultancy for the tender, stipulating a portion of the funds as a requirement for the work involved.
Companies under the SEPI pensions umbrella include the soon to be privatised Iberia airline and AESA, the confederation of around 20 Spanish shipyard associations. Hugh Wheelan"