ITALY - Italian pension fund service provider PensPlan has appointed State Street to provide a range of investment services for €100m (US$140.6m) in assets.
PensPlan administration manager Florian Schwienbacher said: "State Street was able to provide us with a single and customized solution that could accommodate our multi-jurisdictional needs."
PensPlan is a complementary pension system to the public schemes in Italy, which delivers risk management, manager selection and asset liability modelling to pension funds and institutional investors throughout Italy.
According to its yearly results, 13 of the 22 investment lines offered as pensions investments by PensPlan achieved positive returns in 2008.
In addition, 16 of the pension and severance fund (TFR) provider's 22 funds performed above their respective benchmarks.
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