Fondatione Monte dei Paschi di Siena (MPS), the Italian banking foundation with assets of €10bn ($8.78bn), has appointed Pimco Europe to run two bond briefs totalling €300m.

Both mandates were won in partnership with Italian insurance and asset management house RAS, part of Allianz Group, which in 1999 acquired 70% of Pimco. Because of the Italian regulatory requirements the mandates will be formally awarded to RAS which in turn outsources the assets to Pimco.