With the introduction of guaranteed funds, the birth of real estate funds with private and mixed contribution, the lowering of the entry threshold for hedge funds, speculative funds, and the recognition of ETFs, the managed savings reform foreseen by decree number 47 of the Ministry of Economy of 31 January begins tomorrow.
On the real estate funds front, which with assets of 3.4 billion euros constitute 0.85% of the entire managed savings sector, starting tomorrow the possibility of subscribing units will also be introduced in a phase following the establishment of the fund as well as obtaining reimbursement of the investment in advance of the natural maturity of the product. Furthermore, with decree 47, the possibility of using financial leverage is expanded, allowing real estate funds to take out loans of up to 60% of the value of the property in their portfolio. Finally, still in the real estate fund sector, those with private contributions and mixed contributions between public and private have been created, thanks to the possibility of subscribing to investment shares through the contribution of properties. 'The Treasury has been far-sighted - observed the general secretary of Assogestioni, Fabio Galli, during a seminar on the decree - because starting from the enactment of the Consolidated Finance Act up to today it has continued to integrate the offer always in the protection of savers'. In particular, a boost to real estate funds will come from the possibility for asset management companies to set up funds that provide 'windows' with the possibility of entering or exiting the fund outside the period of establishment or expiry of the fund itself. The decree also gives rise to the category of real estate funds with private contributions and mixed contributions (public and private), thanks to the possibility of subscribing to shares through the contribution of properties. Furthermore, the veto for operations in conflict of interest has been lifted, provided that specific guarantees protecting those of the participants are respected.
source: Real Estate Observatory
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