The launch of two pension funds in Italy and appointment of investment managers has revived hopes in a market which continues to be dogged by bureaucractic headaches and lukewarm interest in the new private schemes.

Fondoartigiani, a fund set up for self-employed artisans and small company employees, has been unveiled this week. The fund, which is open to at least two million workers, has forecast that it would have 100,000 members after three years. It handed out six investment management mandates, all to Italian banks and insurers although some of these have partnerships with foreign firms.