ITALY – Fondenergia, the 193 million euro Italian pension fund for energy and power workers, is looking for seven managers to run the entire fund, which will be split into three mandates.

The fund will be divided into three equal mandates as follows:

1. A conservative portfolio to be invested in cash in the Euro area, using the J P Morgan Ecu 6 month cash index as a benchmark. The mandate will be split equally between two fund managers.

2. A balanced active portfolio to be invested 62%-72% in bonds and the remainder in equities in the Organisation for Economic Cooperation and Development countries. The mandate will be split equally between three managers.

3. A dynamic portfolio to be invested initially on a passive basis and thereafter on an active basis. Equity investments will account for between 50% and 70% of the portfolio with the remainder allocated to bonds. Geographical region will be the OECD member countries with some exceptions.

The fund is presently managed by Pioneer Investments, San Paolo IMI Institutional Asset Management, and the recently-split Mediolanum State Street. The managers will be invited to re-tender.

Further details, benchmarks and risk ratios are available on www.fondenergia.it. The closing date for applicants is midday March 25 .

Topics