9  The asset management industry is dominated by open-end funds (with more than € billion of assets under management), especially by investment funds incorporated abroad, which represent almost 80 per cent of the total undertakings for collective investments in transferable securities (UCITS) located in Italy.
Of these funds, known as ‘roundtrip’ funds, nearly two fifths are owned by Italian groups that have transferred most of their managed assets to other EU countries, mainly for industrial, regulatory or tax reasons (especially to Ireland and Luxembourg).