Fondo Pensione Cometa, Milan, hired seven money managers to run more than €8 billion ($9 billion) in assets across three portfolios, said a spokesman for the fund.
The €9.6 billion pension fund launched a search in April for managers to run about €8.3 billion in assets across three of its five portfolios.
Allianz Global Investors, Eurizon Capital SGR and Groupama Asset Management were chosen to run the €2.83 billion cash-plus portfolio. This portfolio is for participants close to retirement. Eurizon Capital SGR previously ran the portfolio, along with Generali Italia.
The income portfolio, which has €4.9 billion of assets, will be run by Allianz Global Investors, BlackRock, Candriam Investors Group, Credit Suisse and State Street Global Advisors. This portfolio is designed to deliver a return in line with Trattamento di Fine Rapporto, a type of severance pay or deferred salary that applies to all private-sector employees. Allianz and SSgA were previously managers on the portfolio, as well as Amundi Asset Management, HSBC Global Asset Management France, UBS Global Asset Management and Russell Investments.
BlackRock and Candriam were also chosen to run the €575 million growth portfolio, previously run by Pioneer Investments, Allianz and Russell.