Calda said he hopes the approval for the SGR will occur in late May. He will then need to gain approval for the individual fund prospectus. The first fund will be based on a long/short equity strategy, said Cald, who added that plans were still fairly embryonic.
Italy is the first major European country to allow onshore listings of hedge funds. To date, Italian retail investors looked abroad to invest in hedge funds - a practice that carries a 46% taxation penalty. The high taxation level has kept away many potential investors.