ITALY - Airport workers’ industry-wide pension scheme Prevaer has tendered three balanced mandates worth around an expected six million euros each.

The 3,800-member fund, which is expected to amount to 18 million euros by the end of 2004, is to be divided in three equal parts, each 70% invested in equities and 30%, bonds.

The board of directors will be assisted in the selection process by consultant Raffaele Bruni of Studio Bruni Marino & C.

The fund is looking for “prudent management”, said Renzo Blasioli, a manager who closely monitors pension funds, in an interview. Blasioli explained that the selection process would be divided into two stages.

The first stage would end when the administrative board produces a seven-strong shortlist, after considering the applications due to be presented by March 10. The list would be then scaled down further to three.

The pension regulator Covip would then take part in the final stage of the process, “the contractual part”, Blasioli said. The choice of three candidates should be legally sanctioned by October 2004, Blasioli said.

In the meantime, Blasioli explained that fund members would be asked to pay their contributions into Prevaer’s current account.

This was the first time Prevaer has sought assets managers, he said.

“Now that Covip is going to be part of the process, we hope to find three prudent managers to bring us satisfactory results without courting risks too much,” Blasioli concluded.

The expects to grow to 45 million euros by 2006.