ITALY - The government-backed pension fund for teachers and school employees, Fondo Scuola Espero has tendered for a depositary bank.

Espero is looking for a bank with “many years’ experience as well as high operative efficiency” in the field of depositary services for pension funds.

The fund has specified in its request for tender that candidates should expect contribution from at least 30,000 members with a potential growth which would top 1.2 million.

“The tender has to include all aspects required of a depositary bank by the pension fund law and the administration of cash flows for current expenses,” the fund said in its request for tender.

Candidates are also asked to describe in details all the aspects of the service offered and for each of those, a price quote, description of technologies used and standards should be included.

Among the areas of special interest, the fund has included: custody as well as data acquisition and management. Espero will also consider “security and discretion“ of the systems proposed.

The fund expects an application with a full description of the candidate’s structure and its experience by September 22.

Espero tendered an accountancy services mandate in July and is now in the second phase of selection.

Managers chosen for the second round of interviews will be invited for a further meeting in two weeks, said the fund’s head of accountancy, Francesco Moretti. A third round would come a week later.

The fund should choose its accountancy services provider by the end of September, Moretti said.

Espero was set up by the Agency for the Representation of the Public Administration, Aran, and the most representative trade unions and authorised by pension regulator Covip in May.