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).
Closed-end alternative funds mainly reserved to professional investors – credit, private equity and venture capital funds – have increased strongly, though with a still modest amount of assets under management. The greater recourse to technological innovations may bring significant benefits to operators, intermediaries and, looking ahead, to firms and households as well.