Fondo Pensione a prestazione definita del Gruppo Intesa Sanpaolo, the defined benefit (DB) scheme for employees of the Intesa Sanpaolo bank, has appointed several managers for equities and bonds mandates.

The scheme has re-tendered several mandates, picking Eurizon Capital for bonds, Schroders for global equity, Azimut for European equity, and Pictet Asset Management for US equity.

According to the fund’s 2023 financial statement, Eurizon already held the mandate for bond investments, alongside UBP.

Schroders was already responsible for global equity investments, while AllianceBernstein also held an equity mandate, along with ODDO BHF Asset Management, which held an European small and mid-cap equity brief, the statement added.

The pension fund rejigged its mandates to pursue an investment policy aiming to increase its bonds allocation (from 30% to 35%), slightly reducing its equity investments (from 31% to 28%), slightly boosting real estate (from 23% to 25%) and alternatives, including Bank of Italy stocks (from 12% to 15%), according to the scheme.

The managers will invest in bonds of public and private issuers with predominantly medium-high ratings (generally investment grade), in equities of companies with large capitalisation, without focusing on any specific sector, it added.

A segment of its equity investments will be allocated to European companies with medium-low capitalisation, with a specific focus on Italian companies.

According to the new strategic asset allocation, the scheme will invest 31% of its assets in bonds, 29.5% in equities, 19% in indirectly held real estate, 10% in alternative investment funds (AIFs), 9% direct investments, and 1.50% cash.

It currently invests 14.81% of its assets in bonds, 38.42% in equities, 20.40% in direct real estate, 8.69% in AIFs, 8.8% in direct investments, and 9.60% cash, as of the end of April.

The pension fund has a portfolio of eight alternative investments for a total commitment of €59.16m, it added.

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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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