Applause for Italian mutual fund industry report
23 July 2008

Written by Sophie Baker

The proposals set out in an industry report on the state of the Italian mutual fund industry have been welcomed by the Alternative Investment Management Association (AIMA).

AIMA says that the Bank of Italy led industry’s initiative contains suggestions which could greatly improve the hedge fund and funds of hedge funds (FOHFs) industry in Italy. The firm has pledged its support to the proposals to lower the minimum investment level for hedge funds and FOHFs, to abolish the maximum number of participants in a fund, and the creation of separate regulation for FOHFs.

According to AIMA, many of the proposals in the report echo the findings in AIMA’s 2006 survey of the Italian hedge fund market, which was produced in conjunction with international law firm, Simmons & Simmons. The survey identified ways to overcome issues which were negatively impacting Italian market development.

Andrew Baker, deputy chief executive of AIMA, said: “The success of the Report’s proposals will depend upon the collaboration between the government, regulators and market participants. AIMA encourages the Bank of Italy to embrace a consultation-based approach with the hedge fund industry in meeting their planned objectives.”

AIMA’s council member representing Italy, Massimo Maurelli, agreed that the initiative will impact the mutual funds industry in a positive way.