Searches and Hires

Italian pension fund Prevedi seeks short-term bond manager

Fondo Pensione Prevedi, Rome, is searching for one manager to run a €70 million ($82.3 million) allocation to government bonds, corporate bonds and equity, said Diego Ballarin, director general of the pension fund.

The portfolio, "Sicurezza," aims to achieve returns by investing 95% in short-term sovereign and corporate bonds, the €527 million Italian pension fund for construction industry workers said on its website. The selected manager will be expected to offer equity exposure as the remaining 5% will be invested in listed equity.

"We think the new allocation could be similar to the old one, because Sicurezza investment line has to comply with the Italian laws to receive the workers' TFR (employee termination benefit). In addition to guaranteeing the capital invested, it must aim for a performance equal to what companies apply to TFR, over a multiannual time horizon," Mr. Ballarin said in an email.

Prevedi's current manager is Amundi Pioneer Asset Management, whose mandate expires Dec. 31. Pioneer is allowed to rebid, Mr. Ballarin said.

Proposals are due Sept. 18. A hiring date was not provided. Further information, in Italian, is on Prevedi's website.