ITALY - Italy's largest pension fund Fondo Cometa has hired MangustaRisk to conduct what could be the year's largest manager search in Europe.
MangustaRisk partner Andrea Canavesio said: "This manager search will be the largest for us for 2009 and possibly the largest in Europe for this year."
The nine existing managers are: Assicurazioni Generali Vita, UGF, Cattolica Assicurazioni, AXA Investment Managers, BNP Paribas, Allianz Global Investors, Pioneer Investments, Société Générale Asset Management, Duemme.
The consultant said the search could begin in the fall this year. The search will take place through a European public tender - as required by Italian law.
MangustaRisk will also conduct a review of the strategic asset allocation for two balanced sub-funds the pension fund offers to its members.
Fondo Cometa chief financial officer Libero Giunta told Global Pensions: "Currently we offer four sub funds: one which guarantees a minimum yearly return, a monetary fund, while the third and fourth are balanced portfolios with different exposure to risky asset classes.
"For the first two the strategy will remain the same, while for the balanced funds we might modify our benchmarks, if needed to meet our members' needs."
The Crescita balanced fund has 45% of its portfolio allocated to equities and 55% to fixed income, while the Reddito balanced fund has 20% allocated to equities and 80% to fixed income.
Giunta said 12 firms placed a bid for this mandate. The ones short listed were: MangustaRisk, Prometeia, bfinance, Kieger and Mercer.
Fondo Cometa is the main pension fund for Italian metalworkers and has over 480,000 members.
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