ITALY - Fondav, the complementary pension fund for airline cabin crew, has appointed its first asset managers to manage a portfolio of more than €27m.

The managers are Milan based RAS, a part of the Allianz Group and Azimut, an active asset manager, also based in Milan. They were chosen after a “particularly wide and deep” search.

The two managers will run four lines of investment, or ‘comparti’, which will be offered to members an investment choice.

The first line, ‘liquidity’ a low risk strategy, aims for a rate of return in line with inflation over a two-year time horizon. Investment is mainly in bonds, the maximum allocation to equities is 10%.

The second line, ‘protection’ a medium risk strategy, will aim at inflation protection over five years. Equity exposure is limited to 30% with the rest in fixed income.

The third line, ‘equilibrium’ a medium/high-risk strategy aims to increase the value of the investment over seven to 10 years. Maximum equity investment is 50%

The forth line, ‘growth’ is high-risk strategy with a 70% ceiling on equity investment.

Fondav is the pension fund for the cabin crew of Alitalia and other airlines. It currently has 2,745 members out of a potential membership of 10,000.

Fondav does not state its current assets, but disclosed that it had a total of €27m at the end of 2004.

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