The pension fund for workers in Italy’s energy sector, Fondenergia, has swapped Credit Suisse Italy for UBS Asset Management Italy to manage its ‘Garantito’ sub-fund and government bonds (excluding euro) in its ‘Bilanciato’ sub-fund.

UBS AM’s ‘Garantito’ mandate will expire at the end of 2027, according to an updated document of investment policies handed over to pension regulator Covip.

Credit Suisse started managing the scheme’s sub-fund assets worth €312m, as of the end of December last year, in 2023, having replaced Amundi back then.

At the time, Fondenergia found that Credit Suisse offered a minimum return on investments equal to 3.5% at the end of the mandate, in addition to a guarantee on the contributions paid by members, according to the scheme’s financial statement. It is not clear if the same conditions apply to UBS AM.

Last year, gross returns on invested capital in the ‘Garantito’ sub-fund stood at 5.32%, 0.90% lower than the benchmark, equal to 6.22%, according to the statement.

Fondenergia holds in its ‘Garantito’ option Bank of Italy stocks worth €10m, previously allocated to its ‘Bilanciato’ sub-fund, the scheme added.

As for its ‘Bilanciato’ sub-fund, the scheme decided to transfer the management of its government bonds (excluding Euro) from Credit Suisse to UBS AM.

Credit Suisse’s mandate was worth €350m out of the sub-fund’s total assets of €2bn, according to the statement.

Fondenergia has also decided to extend eight mandates for its ‘Bilanciato’ and ‘Dinamico’ sub-funds until 30 June 2025.

Eurizon Capital, State Street Global Advisors, Candriam, Amundi, PIMCO and Neuberger Berman will continue to manage assets for the ‘Bilanciato’ option.

Eurizon holds a euro government bonds mandate, while SSGA manages developed and emerging markets equities, Candriam global equities, PIMCO global corporate bonds, and Neuberger Berman private equity. Amundi runs a ‘Bilanciato Globale’ mandate.

Azimut, Amundi and Neuberger Berman will continue to invest in global equities, global bonds, and private equity, respectively, under the ‘Dinamico’ sub-fund.

Last month IPE reported that the asset management businesses of UBS and Credit Suisse were undergoing one of the most delicate exercises on full integration for mutual funds and segregated mandates for professional investors, following the emergency takeover last March of Credit Suisse by UBS. 

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Luigi is IPE's Berlin-based DACH correspondent. His coverage includes regulation and the latest pensions and investments trends, and, being a native Italian, he also covers Italy’s pensions market. He has reported from Italy and Germany on international politics and business for European and US publications including USA Today, Bloomberg BNA and for the investigative magazine L’Espresso. He was previously Germany correspondent for Mergermarket covering M&A.View full Profile

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