Three of Italy’s “closed-end” pension funds, Cometa (auto mechanical), Fondenergia (energy) and Quadri e capi Fiat (Fiat group executives)
will get the green light to start investing assets early this year when the Covip (Commissione di vigilanza sui fondi pensione), the Italian pension fund authority, finally grants their management contracts.
Approval from Covip has been expected since September.
The plans have now collected 345,000 members in all, with 300,000 signed up to Cometa, (25% of the potential members), 30,000 joining Fondenergia (60%) and 15,000 adhering to Quadri e capi Fiat (88%).
Cometa and Fondenergia have established the same investment philosophy – similar to the Fonchim chemical workers scheme, Italy’s first “closed-end” fund, which comes out at a 70% bond holding and 30% in equities.
The money managers, selected and appointed last July, are: Generali, Paribas, Unicredit, S.Paolo-Imi, Invesco-Aig, Cisalpina-Putnam by Cometa; Mediolanum-State Street, Europlus (Unicredit), S.Paolo-Imi by Fondenergia; Morgan Stanley Dean Witter, Romagest by Quadri e capi Fiat. Three joint ventures were appointed: Invesco-Aig, Cisalpina-Putnam, Mediolanum-State Street. Maria Teresa Cometto