ITALY – Fondo Pensione Complementare per la Famiglia (Fondo Famiglia), the Italian housewives’ and part time workers’ pension fund, which could potentially include as many as 15 million members, has drawn up a shortlist of 12 asset management firms to run the fund’s assets.

The successful companies will be revealed next month with at least two firms being invited to manage the fund. No details are yet available about the size of the fund which was approved last year by Covip, the Italian pension fund regulatory body.

The 12 companies concerned are Arca, Axa, Crédit Suisse, Dresdner Bank, ING, Morgan Grenfell, Monte Paschi Asset Management, Morgan Stanley, Pioneer, San Paolo IMI Asset Management, Schroders and State Street.

Elsewhere, Fondo Famiglia has selected Banca di Roma (BR) to take care of the fund’s administration.

BR is already operating as the fund’s depository bank and the latest move reflects the fund’s aim to remain simple but efficient. “We felt that it would be easier to have depository and administration services combined under one roof,” says Fondo Famiglia board member, Lorenzo Gasperinni.