ITALY - Fondo Cometa has awarded two separate investment mandates for an overall value of €620m (US$836.7m) to Unipol Gruppo Finanziario (UGF) and Cattolica Assicurazioni (CA).
This is the result of an international tender launched last July to renew the mandates for all its assets under management, which account for over €5bn.
UGF and CA will manage the assets of the Sicurezza sub-fund, which invests a maximum of 10% of its portfolio in equities and the rest in fixed income. Cometa guarantees to members of this sub-fund a minimum of 2.5% gross revenue per year on the contributions paid.
Cometa president Fabio Ortolani said: "The proposals of UGF and CA are the ones which will allow us to ensure the growth of pension savings for the members of the Sicurezza sub-fund with a minimum risk associated."
The fund operates three more sub-funds besides Sicurezza: Monetario which is 100% invested in fixed income, Reddito invests a maximum of 30% in equities and the rest in fixed income, while Crescita allocates up to 60% in equities and the rest in fixed income.
The mandates in place for these three sub-funds will expire in April. The fund is looking to award further mandates for these sub-funds as part of a manager overhaul announced last April. (Global Pensions, July 29, 2009)
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