Article: More Flexibility for Italian Pension Funds?

MILAN, Italy (HedgeWorld.com) - By the end of 2006, pension fund investments made up 11% of global hedge fund assets, according to Hennessee Group. However, the contribution from Italy's pension funds was negligible, partly because the country's pension fund industry was still nascent because a legal anomaly distinguishing between pension funds established before and after 1993 placed more restrictions on the investment universe of the latter.

In effect, Ministerial Decree N. 703 of 1996 sets out a list of criteria regarding instruments that can be used by pension funds set up after an initial pension reform in 1993, said Aureliano Gentilini, global head of hedge fund research at Lipper, ...

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