SEARCHES AND HIRES

Italian DC plan seeks managers to run about $4 billion

Fondo Pensione a Contribuzione Definita del Gruppo Intesa Sanpaolo, Milan, Italy, is searching for money managers to run about €3.7 billion ($4 billion) in assets across a number of allocations.

The defined contribution plan, which was created by the merging of a number of other plans, is split into five separate portfolios: short-term bonds, medium-term bonds, cautious balanced, balanced development and equity.

Executives are looking for a number of money managers to run various allocations across the separate portfolios. Executives will hire money managers to run a total €1 billion across different exposures in the short-term bond portfolio, about €358 million in the medium-term bonds portfolio and a further €546 million in the cautious balanced allocation. The balanced development portfolio assets amount to €1 billion, and the equity investments total €767 million in assets.

Proposals are due Feb. 10. The RFP is available here.

Further information, including the current managers and total asset size of the plan, could not be learned by press time. Spokesmen for the plan could not be reached for comment.