Where institutional investors play a more prominent role, the average size of the companies that seek a listing is smaller. Pension funds in particular have great potential for growth in Italy. In the most advanced financial systems they are among the main investors in listed shares.
In the United States they hold about one fifth of the market capitalization, corresponding to roughly one third of GDP; in Italy the proportion is close to zero. The financial assets managed by Italian pension funds amount to 2.1 per cent of GDP, those of funds created after 1993 to 0.8 per cent. More rapid expansion is necessary.