Fonchim, Italy's first private pension fund, today named six money managers to manage 122 billion lire ($68 million). Assets are expected to hit 210 billion lire by year end.
Chosen to manage European bond mandates were Assicurazioni Generali, Riunione Adriatica di Sicurta, and a joint venture between Unipol and Citibank. Picked to manage assets split 40% between European bonds and 60% global stocks were three joint ventures: Credito Italiano-Rolo; IMI and Unionvita; and Mediolanum and State Street Global Advisors. Assets will be divided equally among the managers.
Fonchim also selected the Istituto Centrale delle Banche Popolari as custodian and Andersen Consulting as the fund administrator.
Hawaii Masons & Plasterers Annuity Fund, Honolulu, picked Sierra Investment Partners to manage a $5 million equity value fund that is a blend of large-cap and midcap stocks, said Tom Sakai, senior vice president at Everen Securities, who is a consultant to the $25 million fund. Mr. Sakai said the money came from a fixed-income strategy that Sierra had been managing.
Hawaii Masons had been 100% invested in fixed income, but the fund's trustees decided to put 20% into equities to improve returns.