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.
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