Credit Suisse AM replaces Amundi in the Garantito de Previambiente fund | New
Credit Suisse Asset Management has taken over a mandate for the guaranteed investment option at Previambiente, the Italian pension fund for workers in environmental health and related sectors, from Amundi, according to IPE.
Previambiente has given Credit Suisse AM a mandate of 300 million euros for its guaranteed investment option. Amundi managed assets for a total of € 282.98m for the scheme, according to the pension fund’s financial statement for 2020.
Previambiente’s Garantito option recorded a gross return of 0.15% in 2021 against a benchmark index of 0.73%.
Investments in the Garantito compartment aim to obtain returns equal to or greater than those of the Trattamento di Fine Rapporto (TFR) severance payment, according to the financial statements, which noted that the returns of the TFR option had reached the year last 1.50%.
In accordance with the fund’s investment policy, the assets of the Garantito sub-fund are mainly allocated to bonds (95%) and the remaining 5% to equities. Exposure to equities can be up to less than 5% or up to a maximum of 10%.
The fund’s net benefit assets amounted to € 295.60 million in July, compared to € 285.75 million in January.
Credit Suisse AM had already won a mandate of 800 million euros on a 10-year contract with Fondo Fon.Te, the pension fund for Italian workers in commerce, tourism and services, to manage its conservative option.
Inarcassa looks at ESG for equities
The board of directors of Inarcassa, the pension fund for independent engineers and architects, has reviewed equity investments in Europe with the aim of increasing its alignment with ESG principles, the fund said in a note.
Inarcassa continued its illiquid allocations by financing Italian small and medium-sized enterprises through private equity, infrastructure and venture capital funds, confirming the interest in supporting the national real economy, he said. added.
Its assets reached a new all-time high, close to € 12.7 billion at the end of August, against € 12.5 billion at the end of the first half of this year, driven by the good performance of the financial markets.
Growth in assets under management for industry-wide programs slows
Assets under management by sector-wide pension funds – fondi pensione negoziali – grew 7.54% year-on-year in 2020 to € 60.36 billion, below the 11.4% recorded l year due to the impact of the pandemic on yields, according to a report thinking of thanking Itinerari Previdenziali.
Income from contributions and the performance of asset management amounted to € 4.23 billion last year, compared to € 5.73 billion in 2019.
Among the pension funds with the largest increase in terms of assets was Cometa, the national metalworking supplementary pension fund, with an increase of € 770m, from € 11.9bn in 2019 to 12.7bn. € bn in 2020.
Chemical sector pension fund Fonchim saw an increase of € 528 million, Fon.Te € 352 million, Laborfonds € 309 million and Fondenergia € 220 million, according to the report. .
Fondi pensione negoziali recorded returns of 3.1% in 2020, compared to 7.2% in 2019, penalized by the negative performance of the financial markets during the first part of last year.
The 33 sectoral pension funds had more than 3.2 million members in 2020, an increase of 100,000 members compared to 2019.
Blackrock tops the ranking of Italy’s largest asset manager for industry-wide pension funds with 11.13% market share, ahead of Eurizon Capital with 10.30%, Amundi 8.61 % and Credit Suisse Asset Management with a market share of 6.89%.
Assets managed by institutional investors increased globally to reach € 269.84 billion in 2020, up from € 260.68 billion in 2019, or 16.3% of GDP, according to the report.