Fondo Quadri e Capi Fiat, the Italianclosed-end pension fund for Fiat workers and the third fund of its kind to begin receiving employee contributions, has appointed the Banca Commerciale Italiana (BCI) for its custody arrangements.

The fund, which already has 15,000 subscriptions is expecting annual asset inflow of L20bn ($11m), and will be appointing investment managers for the fund shortly.

BCI has now picked up custody for two of the first three Italian closed-end funds, and in addition has scooped custody briefs for a raft of Italy's new open-end schemes, including, FPA Progetto, managed by Sim Co, FPA Previgen, Valore and Valore Garanttio, managed by Assicurazioni Generali, and FPA Previgest Mediolanum and Fund Mediolanum.