London, 23 July 2008: The Alternative Investment Management Association (AIMA) has welcomed the proposals set out in this week’s 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”.

-Ends-

For further information, please contact:

Massimo Maurelli
AIMA Council Member
Tel: +39 (0)2 7641 4502

or

Eoin Brophy
Hume Brophy Communications
Tel: +44 (0)20 7499 8736

Editors’ Notes

1. About AIMA

AIMA, the Alternative Investment Management Association, has over 1,280 corporate members worldwide, based in 47 countries. Members include leading hedge fund managers, fund of hedge funds managers, prime brokers, legal and accounting services and fund administrators. They all benefit from AIMA’s active influence in policy development, its leadership in industry initiatives, including education and sound practice manuals and its excellent reputation with regulators, worldwide.

AIMA is a dynamic organisation that reflects its membership’s interests and provides them with a vibrant global network.  AIMA is committed to developing industry skills and education standards and is a co-founder of the Chartered Alternative Investment Analyst designation (CAIA) – the industry’s first and only specialised educational standard for alternative investment specialists. For further information, please visit AIMA’s website at www.aima.org.

2. The Bank of Italy

The Bank of Italy’s Report is available on the Banca D’Italia website here.

3. AIMA's Survey

AIMA and Simmons and Simmons’ 2006 survey entitled ‘A survey into the Italian hedge fund market, from a participant’s perspective’ can be found here (English) and here (Italian).