Fondenergia, the pension fund for workers in the energy sector in Italy, has made significant changes to its asset management strategy. These changes include a transition from Credit Suisse Italy to UBS Asset Management Italy, as well as strategic adjustments to its asset allocation.

Transition to UBS Asset Management

Fondenergia has chosen UBS Asset Management Italy to oversee its 'Garantito' sub-fund and the management of government bonds in its 'Bilanciato' sub-fund. This decision marks a shift from Credit Suisse Italy, which had been managing these assets since early 2023. The updated investment policy document indicates that UBS AM's mandate for the 'Garantito' sub-fund will expire at the end of 2027.

Asset Allocation Adjustments

In addition to the management transition, Fondenergia has made strategic adjustments to its asset allocation. The pension fund has moved Bank of Italy stocks worth €10 million from its 'Bilanciato' sub-fund to the 'Garantito' option. This reallocation reflects Fondenergia's ongoing efforts to optimize its investment strategy and enhance returns for its members.

The 'Bilanciato' sub-fund, with a total asset value of €2 billion, saw a significant portion of its management responsibilities shift from Credit Suisse to UBS AM, with the latter now overseeing €350 million in government bonds.

Continuity in Asset Management

Fondenergia has decided to extend eight existing mandates for its 'Bilanciato' and 'Dinamico' sub-funds until June 30, 2025, demonstrating a commitment to maintaining a diversified investment approach while ensuring continuity in asset management.

Collaborative Approach with Multiple Asset Managers

Fondenergia's investment strategy relies on the expertise of several well-known asset management firms. Eurizon Capital manages euro government bonds, while State Street Global Advisors (SSGA) oversees developed and emerging markets equities. Other firms involved include Candriam for global equities, PIMCO for global corporate bonds, and Neuberger Berman for private equity investments. Amundi manages a 'Bilanciato Globale' mandate, further diversifying the fund's investment portfolio.

Focus on Member Benefits and Secure Investment Strategies

As Fondenergia adapts to these changes, the focus remains on ensuring that its members benefit from optimized returns and secure investment strategies. The pension fund's proactive management decisions demonstrate a commitment to safeguarding the financial interests of its members while navigating the evolving dynamics of the asset management industry.