|
|
Article: More Flexibility for Italian Pension Funds?
- Article from:
- Daily News
- Article date:
- December 14, 2007
- Author:
CopyrightCopyright 2007 Daily News. Provided by ProQuest LLC. (Hide copyright information)
|
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, ...