ITALY - The pension fund for tourism, commerce and service sector workers (Fon.Te) launched manager searches for two of its defined contribution funds for mandates worth €900m (US$1.2bn).
The first tender is for the Garantito fund, which has €300m under management. This fund invests 95% in fixed income and 5% in equities. The second one is for its Bilanciato fund, which has €600m under management. The fund invests 80% in fixed income and the rest in equities.
The pension fund did not provide further details about the type of strategies these managers will be running.
For both mandates, Fon.Te said it can select more than one manager. Additional managers could be selected in the future, if the "size of the two DC funds required it".
The mandate for the Garantito fund will last for five years, while the one for Bilanciato will last for three years.
The deadline for both proposals is February 12.
Pension freedoms could generate as much as £1.9bn a year in tax revenue for the next 10 years, according to research by the Pensions Policy Institute (PPI).
The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful.
A looming court decision on gender equalisation of pension schemes could hit FTSE 100 profits by up to £15bn, Lane Clark and Peacock (LCP) says.
Dutch custodian KAS Bank has created a fintech solution to help schemes save on costs and improve transparency of currency hedging strategies.