Banca Akros, the investment banking arm of Banca Popolare di Milano, has formed a joint venture with Hedge Fund Research (HFR) to offer the first fund of hedge funds to institutional and private client investors in Italy.

Under new laws, groups wanting to set up hedge funds in Italy, known locally as fondi specolativi, need to create a dedicated fund management arm. Akros has set up Akros Alternative Investments, but is still waiting for final authorisation from Banca D'Italia.