ITALY - The Power and Gas authority, an independent regulator monitoring the Italian energy sector, is looking for European Union-based managers for its 2.2 million-euro pension fund.

“The objective is to find a sound manager to secure a complementary amount of savings for our employees,” said on official at the Comitato dell’ Autorita per l’Energia Elettrica e il Gas.

If all the estimated 130 employees joined the pension fund, the volume of contributions in 2005 would be around 600,000 euros, the authority said in a statement.

In its request for tender, the authority says candidates from the whole EU would be considered, but the official explained that the ideal manager would be required to speak Italian and be recognised by the pension regulator, Covip.

“An Italian speaker would be certainly necessary, especially in view of the negotiations ahead,” he said.

The body does not favour a specific investment strategy and is open to suggestions, but the successful candidate must prove to have a low-risk attitude, which “should secure at least the preservation of the capital”, the request for tender says.

Applicants are required to apply with a questionnaire, which can be requested by fax on +39 (0)20 65 56 52 66.

The process of preliminary selection, which would start immediately after the deadline of May 18, would be concluded within the next three weeks, and short-listed applicants would be invited for interviews, the official also said.

The power and gas authority, which was set up in 1995, hopes to appoint a manager by the end of the summer.

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