Fondo Pensione a contribuzione definita del Gruppo Intesa Sanpaolo, the defined contribution (DC) pension scheme for the employees of the Intesa Sanpaolo bank, has switched Japan and emerging markets (EM) equity funds that had unperformed for an extended period of time, the scheme said in its 2023 financial statement.
The scheme reinvested funds in Japan and EM equity via the following investment funds: Nomura Japan Strategic Value, Eurizon Sustainable Japan Equity, Northern Trust Emerging Markets Custom ESG Equity Index Fund, and Eurizon Equity Emerging Markets LTE.
It replaced Comgest (Japan) and Candriam (EM) funds “characterised by a prolonged [period of] underperformance”, the scheme said.
Underperforming mandates included Candriam’s active corporate global high yield and active EM equity, Anima’s US active equity, and Comgest’s Japan active equity, generating returns below its benchmark, it said.
The pension fund has also selected Azimut and Quaestio Capital Management to run assets amounting to €90m in its ‘Bilanciato Rischio Controllato’ sub-fund, previously called ‘Bilanciato Globale Equilibrato Ex-Bre’ sub-fund.
The scheme made several changes to its sub-funds, channelling assets from some sub-funds to others, while also renaming them to better fit with their investment style.
It also set up the new insurance sub-fund Stabilità open to all members, handing out mandates to Generali Italia, Reale Mutua, Allianz and UnipolSai, it said.
Assets under management progressed last year to reach a total of €9.10bn, up from €8.71bn in 2022, according to the financial statement.
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