AIMA Welcomes Italian Mutual Fund Report

by Ulrika Lomas, for LawAndTax-News.com, Brussels

01 August 2008

The Alternative Investment Management Association (AIMA) has welcomed the proposals set out in a recent industry report on the state of the Italian mutual fund industry.

AIMA believes that the industry’s initiative, led by the Bank of Italy, contains a number of welcome proposals that will greatly improve the hedge fund and funds of hedge funds industry in Italy.

AIMA endorses the proposals to lower the minimum investment level for hedge funds and funds of hedge funds; to abolish the maximum number of participants in a fund; and the creation of separate regulation for funds of hedge funds.

Many of the Report’s proposals echo the findings of AIMA’s 2006 survey of the Italian hedge fund market. AIMA’s survey, which was produced in conjunction with the international law firm of Simmons & Simmons, identified ways to overcome the issues negatively impacting 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”.

Massimo Maurelli, AIMA’s Council Member representing Italy agreed, stating: “This is an initiative that will start a deep and material change within the mutual funds industry in Italy. With almost two decades’ of experience in dealing with policy makers and regulators, AIMA has forged excellent relationships with legislators around the world. AIMA is ideally placed to assist in the development of the proposed rules and hopes to play an important role in their implementation."

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