Italian industry pension fund Fon.Te has selected the fixed income specialist Payden & Rygel to manage a global governments portfolio on behalf of the Italian scheme.
Fon.Te is the pension fund for trade, tourism and service workers in Italy.
Nicolo Piotti, managing director, Payden & Rygel said: "Fon.Te is one of the leading Italian pension funds and we are very pleased to have won this mandate following our participation in the public tender published earlier this year."
Joan Payden, founder, president and CEO, Payden & Rygel, added: "Our growing Italian client base has been particularly attracted by our ability to offer customised access and exposure to global markets, while paying close attention to liquidity, ESG criteria and the preservation of capital."
With $114bn in assets under management, primarily in fixed income assets worldwide, Payden & Rygel includes among its clients, central banks, pension funds, insurance companies, banks and foundations.
The company manages more than ten mandates for institutional investors in Italy, whose assets under management amount collectively to €1.5bn. It is headquartered in Los Angeles and has offices in Boston, London, and Milan.