Arco Fondo Nazionale Pensione Complementare, Milan, hired State Street to manage the €466 million ($513 million) pension fund’s securities lending program, said the pension fund’s website.
The Arco pension fund, whose participants are from Italy’s wood furniture manufacturing industry, was granted approval in January by COVID, Italy’s national pension regulator, to begin a securities lending program.
The supplemental pension fund made its first securities loan transaction last month, the website said.
Massimo Malavasi, Arco general manager, said in a State Street news release that the hiring would give the pension fund “the option of using direct securities lending” as another way to increase the fund’s investment performance.
Efforts to reach Mr. Malavasi or other officials at Arco were unsuccessful.
