Fondo Pensione dei Quadri e Capi Fiat in Turin has become the fourth private Italian pension fund to hire external managers.

Morgan Stanley Dean Witter and Romagest, the asset management arm of Banca di Roma, were appointed to manage the L44bn (€22.7m) fund, said Lorenzo Barolo, vice president at the Fiat fund. Each manager will run half the fund. Barolo said that an Fiat in-house group made the decision on which firms to appoint, taking cost considerations very seriously.