ITALY – The autonomous Scala theatre pension fund is tendering for two managers and a deposit bank.

The fund, which was one of the original 1993 funds, has 1,013 participants, and is now closed to new members. It has been replaced by an “open fund”.

At the end of December 2002, the old fund was 25.23 million euros in size.

The assets are presently invested solely in fixed income and are split between three banks: Banca Intesa, Banca Nazionale di Lavoro, and Banca di Legnano.

It has now been decided to employ only two managers, each with 50% of the assets. The two mandates will be predominantly investing in fixed income. The three current managers will be invited to re-tender.

The fund is also tendering for a deposit bank. Responses for all positions must be received by midday Friday November 28.