Italy’s Telemaco Pension Fund is investing €250 million in Payden & Rygel bond mandates that have absolute return targets.
The pension scheme is investing through two mandates that Payden’s total return bond specialists manage. One mandate is described as ‘prudent’, the other as ‘balanced’.
Payden described the strategy as one of its “best”, with a broad exposure to global bonds and a focus on liquidity, and which has been tailored to meet the objectives of the scheme’s members.
Winning the mandate means Payden now manages money for nine clients in Italy and suggests the firm’s decision to create its first office on the European mainland in Milan last year, headed by Nicolò Piotti, was paying off.
Robin Creswell, the London-based managing principal of Payden & Rygel, told Funds Europe in 2018 that Milan was chosen as the first European location outside of London because of the city’s “critical concentration of fund managers in Europe” and because it acts as a good platform for distribution into central Europe.
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