Fonchim Pension Fund, the €4bn Italian pension fund for workers in the chemical and pharmaceutical industries, has awarded a €330m mandate for part of its Stability sub-fund to Natixis Asset Management.

The sub-fund is an active short-term government bond mandate that uses the BOFA Merrill Lynch Pan Europe Governments Total Return Index 1-3 years Euro Hedged as a benchmark.

Groupama will continue to run the rest of the sub-fund.

Fonchim had decided to split the mandate to provide diversification.

Olivier De Larouziere, managing director of euro interest rates at Natixis AM, will run the mandate.

Antonio Bottillo, managing director of Natixis Global Asset Management in Italy, said: “We are pleased Fonchim has put its trust in our fixed income expertise.

“De Larouziere has returned very strong performances in the government bond sector in recent years.”

The mandate award completes the process of renewing all of Fonchim’s mandates, which was started nearly two years ago.

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