Fondo Pensione Prevedi, Rome, selected UnipolSai Assicurazioni to manage a €70 million ($83.6 million) allocation to government bonds, corporate bonds and equity, said Diego Ballarin, director general of the pension fund.
Money manager and insurer UnipolSai replaced Amundi Pioneer Asset Management, whose contract expired, Mr. Ballarin said.
The portfolio is invested 95% in short-term sovereign and corporate bonds. UnipolSai also provides public equity exposure for the remaining 5%.
"The (allocation) called 'Security' guarantees the return of the invested capital. UnipolSai offered the best conditions among the participants in the selection," Mr. Ballarin added.
The Italian pension fund for construction industry workers has €527 million in assets.
