21.   Several fund managers stayed on the sidelines.

22.   Some fund managers agreed.

23.   Some fund managers returned to the market last week.

24.   Spanish fund managers, for example, were pretty much captive to Spanish stocks, which are dominated by utilities and banks.

25.   Still, it might take quite a market jolt to move fund managers ahead of the index again.

26.   That suggests investors should consider sponsors, as well as fund managers.

27.   The buyback follow a series of takeovers, which also returned money to fund managers.

28.   The committee will also interview union representatives and shareholders, including investment bank Mediobanca SpA and fund managers.

29.   The buybacks come after a series of takeovers also returned money to fund managers.

30.   The buybacks follow a series of takeovers, which also returned money to fund managers.