A small Italian pension fund is set to play a crucial role in Monte dei Paschi di Siena’s hostile bid for rival Mediobanca after it ploughed almost 70 per cent of its total European equities allocation into the Milanese bank.
Enasarco, the private pension fund for trade agents with €9.8bn in assets, built a 2.52 per cent stake in Mediobanca this year, documents reviewed by the Financial Times show.
The move, which has prompted accusations of government interference in the takeover bid from opposition lawmakers, looks an outsized bet by the fund, according to people with knowledge of its investment mandate.
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