ITALY – Italian fashion and textiles industry pension fund, Previmoda, is tendering for three managers to run two bond portfolios and one equity fund.

The newly capitalised closed-end fund is intended to act as a complementary savings tool for workers across the clothing and textiles industries who already contribute to the state run Istituto Nazionale della Previdenza Sociale (INPS) pension scheme.

The final manager selection will take place towards the end of the year and the fund intends to be operational by the beginning of 2002, says a spokesperson for the fund in Milan.

The size of the fund or the portfolio splits between domestic and international assets have not yet been determined.

The manager application process is open to both domestic and foreign managers who have at least €500m under management.
The tender is based around criteria including group structure and organisation; investment and asset allocation strategies alongside results from the last few years; portfolio structure and client-base (i.e. institutional or not); the stability of institutional clients; domestic and overseas market coverage; reporting methodology and transparency and individual manager performance.

Companies registered offshore are eligible to apply.