A recently launched Italian tax amnesty is doing better than expected and could surpass the 100 billion euros ($149 billion) target of repatriated capital, with domestic asset managers likely benefiting from the flood of new funds, several people involved in the issue said.

Last month, the Italian government announced the tax amnesty to encourage citizens who have parked funds in so-called offshore banks -- such as those in Switzerland, which has had a longstanding policy toward banking secrecy -- to bring their money back to Italy to be declared and taxed. Some estimates have put the total amount of Italian money in global offshore accounts at 500 billion euros.