First Italian hedge fund to open in July

Kairos's first fund will follow a long/short equity strategy. Alberto Conca, previously an asset manager at the Italian firm Gestielle Asset Management, will manage the fund.

Goldman Sachs was named prime broker for the new fund, while Italian bank Intesa BCI will act as depositary bank.

The new fund will be subject to the strict guidelines established by Banca d'Italia for hedge funds, which allows for a minimum investment amount of €100 million and a maximum of 100 subscribers to the fund.

Kairos Group was the first Italian organisation to set up a fund of hedge funds in April 2001, and currently has €1.6 billion of assets under management.

Two more hedge funds are expected to receive trading authorisation from Banca d'Italia in the coming weeks - Nextra Alternative Investments, owned by Intesa BCI, and Obiettivo, a subsidiary of San Paolo IMI, another large Italian bank.

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