ITALY - The Italian Fondo Pensione Complementare per la Famiglia (Fondo Famiglia), the fund for housewives and part time workers is on the verge of appointing four asset managers to its fledgling fund.
Principal member of the fund’s board, Lorenzo Gasperinni, explained that two managers are likely to be appointed to two balanced mandates in the first instance. The additional managers will be brought in next year as part of a move to switch the entire portfolio to a specialist one next year.
Although the size of the mandates is to be finalised by the investment committee next week, Gasperinni added that the fund is expected to be worth around EUR100m after the first year, and include about 100,000 members.
The six undisclosed managers being previewed are from an original list of 12 shortlisted firms: Arca, Axa, Crédit Suisse, Dresdner Bank, ING, Morgan Grenfell, Monte Paschi Asset Management, Morgan Stanley, Pioneer, San Paolo IMI Asset Management, Schroders and State Street.
Gasperinni hinted that the four chosen managers will each be “specialised in a line of investment” to concur with the fund’s future investment strategy.
No details are yet available about the present size of the fund
Fondo Famiglia also recently selected Banca di Roma as the fund’s administrators.
By Madhu Kalia
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