ITALY - The Italian Fondo Pensione Complementare per la Famiglia (Fondo Famiglia) - the fund for students, housewives, and part time workers - has appointed four investment managers to its fledgling fund.
Principal member of the fund’s board, Lorenzo Gasperinni, said that San Paolo IMI Asset Management and Schroders have been appointed to two balanced mandates in the first instance.
Deutsche Bank and Pioneer Investments will be brought in once funds hit the EUR50m mark. This move will prompt a switch from balanced to specialist arrangements for the entire portfolio. Gasperinni added that strategies will be decided then. The size of the balanced mandates is dependent on the amount of contributions to the fund, which has been open to new members since November, 10.
Gasperinni added that the fund is expected to be worth around the EUR50m figure or Liras 100m after the first year, and should include about 15,000 - 18,000 members.
Fondo Famiglia also recently selected Banca di Roma as the fund’s administrators.
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