ITALY – The one billion euro Sanpaolo IMI pension fund has awarded a mixed mandate to Mellon Global Investments worth around 397 million euros.

“Mellon has been selected to manage seven passive mandates tracking a number of US and European indices,” Mellon said in a statement.

It said its Mellon Bond arm would manage the bond mandates while Mellon Equity would run the US equity mandates.

The Sanpaolo fund is a multi-fund structure with four different investment profiles and has over 20,000 members.

Mellon Global Investments is part of Pittsburgh-based Mellon Financial, which has around 2.9 trillion dollars in assets under management, administration or custody.