ITALY - The Cometa engineering workers’ pension fund, which is expected to be worth two billion euros by the end of 2004, has tendered its entire portfolio.

The fund is currently split into a mixed bonds “compartment” and a balanced brief. It is advised by Prometeia.

The mixed bond portfolios are currently managed by Pioneer Investment Management, Generali Vita, BNP Paribas Asset Management and San Paolo IMI Institutional Asset Management.

The balanced side is managed by Antonveneta, ABN Amro and Fineco Gestioni.

But in its request for tender Cometa said the fund would be now split into four compartments: one exclusively for bonds, a second is to be split in equities (10%) and the rest bonds. The third has 30% in equities and the rest in bonds while the fourth 60% in equities and the rest in bonds.

“The first investment is aimed at the conservation of capital and in line with the rates of the money market,” Cometa said, adding that the second compartment was aimed “at the protection of capital through insurance or management with guaranteed results”.

The third compartment’s target is “a revaluation of capital invested in the medium-term” while the fourth compartment is meant to “bring about a growth of the capital invested”.

The fund did not specify the size of each compartment. The mandate for all compartments would be for five years. The fund said no more than four managers for each compartment would be chosen.

Pension regulator Covip assessed the fund as being worth 1.65 billion euros at the end of last year.

The deadline for application has been set for May 21, when interested managers should sent Cometa a covering letter, a letter of confirmation that they meet all the requirement and a letter of consent for examination of personal data included in the application.

Or applications can be sent online to Prometeia at at www.advisor.prometeia.it by June 15.

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