Cometa, the 1.4 trillion lire ($623 million) private pension fund for Italys metal workers, plans to hire ABN AMRO to manage assets that were run by INVESCO. The portfolios asset allocation remains at 55% stocks and 45% bonds. Half of the 350 billion lire managed under "growth will be shifted across to a more conservative "value profile.
"What we are doing is replacing one manager with another, said Maurizio Agazzi, director of the Milan-based fund.
According to a spokesman for the fund, the Rome-based COVIP regulatory authority should give the go-ahead for ABN AMRO to take over by early July.