ITALY- Italian insurance company Po Vita has awarded Credit Agricole Group’s Italian asset management company a balanced mandate worth e740m to oversee its technical reserves.

The balanced mandate is predominantly fixed income- equities can exceed no more than 7% of the overall portfolio.

Andrea Cecchini, commercial director at Credit Agricole Asset Management SGR, said the mandate represented an important step in strengthening its position in Italy where it already manages around e6bn for institutional clients.

Po Vita is an insurance company set up from the joint venture between Cassa di Risparmio di Parma e Piacenza and Gruppo SAI, both 50% shareholders in the company.

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