Italian pension fund Fondo Telemaco has appointed global fixed income specialist manager Payden & Rygel to manage two bond mandates worth collectively €250m.
Fondo Telemaco is the pension fund for Italy´s telecommunications industry whose assets under management currently stand at €1.8bn.
The two bonds have an absolute return target and will be managed by Payden & Rygel´s team specialised in the total return bond market.
Nicolò Piotti, managing director of Payden & Rygel, said: "We are honoured to have been selected by Telemaco… by offering a personalised investment solution specifically aimed at achieving the investment objectives of its members, through one of our best strategies with an extensive track record and consistent returns."
The mandate raises to nine the number of institutional mandates managed by Payden & Rygel's in Italy. The global manager opened an office in Milan last year in March and appointed Nicolò Piotti as its managing director, in a move aimed at expanding its presence in Europe.
Payden & Rygel, with some $120bn in assets under management as of February 2019, manages over €30bn for European institutional investors, according to IPE's Top 400 Asset Managers survey.