The €6.8bn Italian chemical sector pension fund Fonchim has launched tenders for €1.75bn worth of investment management mandates.

Within its stability sub-fund – which had €6.1bn at the end of last month – Milan-based Fonchim is seeking managers for two active balanced mandates each for around €680m initially.

It has also tendered for an emerging markets bond mandate involving an initial asset value of €118m, and a €30m mandate to invest in the Italian economy.

In its €518m growth sub-fund, Fonchim wants a manager for a balanced passive investment worth an estimated €240m.

All contracts are for five years, and applications are due by noon local time on 30 September.

Pegaso’s board seeks finance adviser

Italy’s Fondo Pensione Complementare Pegaso, the contractual pension fund for employees in the utilities sector, is on the hunt for an adviser to support the management board and the finance department.

The Rome-based pension fund has put out a tender for a five-year contract, set to run to the end of December 2024.

Pegaso listed a number of tasks required of the successful adviser, including the construction of a pensions valuation model which can be individualised and updated; analysis of the inflows and outflows of the pension profiles; manager selection and monitoring; and supporting ESG integration into the pension fund’s investment process.

The deadline for applications is 1pm local time on 19 September.

Mediafond to favour ESG managers in equities, bonds tenders

Mediafond, the supplementary pension fund for workers in Italy’s private radio, television and media sectors, has launched a tender for two investment mandates.

The pension fund’s board has decided to tender for managers for its equities and bonds sub-funds, with the current pair of contracts expiring on 31 January 2020.

In its announcement, Mediafond said preference would be given to firms integrating ESG (environmental, social and governance factors) into their management processes.

The equities sub-fund, which had €28.3m on 28 June, is to be benchmarked against the euro-hedged MSCI World index, the dollar-denominated MSCI World index and the dollar-denominated MSCI Emerging index. The three indices are to carry weights of 70%, 20% and 10% respectively within the portfolio.

The bond sub-fund, which has around €83.2m of assets, is to be benchmarked against the ICE BoAML Global Credit index, the ICE BoAML Global High Yield & Crossover Country Corporate & Government index, the ICE BoAML 1-3 Year Euro Government index and the ICE BoAML Euro Inflation-Linked Government index. The four indices will carry respective weights of 69%, 12.5, 10% and 8.5%.

Both mandates were for three years, Mediafond said, and were extendable for a further three years.

The deadline for applications is 2pm local time on 10 September 2019.

Topics