Fondo Telemaco, the pension fund for employees in Italy’s telecoms industry, is tendering 11 equities and bonds mandates under its sub-funds ‘Garantito’ and ‘Prudente’ worth a total €2.22bn.
The scheme is handing out one mandate to invest €290m in ‘Prudente’, and €70m ‘Bilanciato’ in euro government and corporate bonds. Over time 20% of the assets in ‘Prudente’, and 10% in ‘Bilanciato’ will be invested in the asset class, Fondo Telemaco said.
As part of the ‘Prudente’ sub-fund, the scheme is also tendering three mandates to invest €250m in global government and corporate bonds, with a target allocation of 17% of total assets held in the sub-fund in the asset classes over time, it added.
Additionally, two new asset managers will invest €110m each in global corporate and government bonds, as part of the ‘Bilanciato’ option. The scheme is targeting a 15% allocation of the sub-fund’s assets in the asset classes over time.
A further mandate will award one asset manager €90m for ‘Prudente’ and €90m for ‘Bilanciato’ to invest in active equity, targeting a maximum 5% allocation to currencies other than the euro (net of derivative hedges). The target allocation to the asset class under the ‘Prudente’ option will be 6%, and 12% for the ‘Bilanciato’ sub-fund.
Fondo Telemaco is also tendering a global active equity mandate worth €180m for the ‘Prudente’ option, and one other global active equity brief to invest €200m for the ‘Bilanciato’ sub-fund.
Other mandates up for grabs include two for global passive equity – a €180m mandate for ‘Prudente’, and a €150m tender for ‘Bilanciato’. The target asset allocation for ‘Prudente’ was set to 12%, and 20% for ‘Bilanciato’.
The deadline for asset management firms to participate has been set to 5 November, according to the tender notice.
Telemaco’s assets under management amount to €2.46bn, as of the end of August this year, split into three sub-funds ‘Garantito’ (€166m), ‘Prudente’ (€1.53bn), and ‘Bilanciato’ (€768m).
The scheme’s current asset managers include Allianz Global Investors and AXA Investment Management for active global bonds, BlackRock for passive global bonds, Azimut for European equities, Credit Suisse for total return, Payden & Rygel for bonds global total return, and Epsilon for overall risk strategies, according to Telemaco’s latest financial statement.
Ardian and Eurizon hold private equity private debt mandates.
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