Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Sommario: 1. Un rapido sguardo al quadro dottrinale e alle prime pronunce. – 2. La “svolta” data dal Tribunale di Milano. – 3. Gli effetti del TUF. – 3. Le differenti attività. – 4. Le categorie ordinamentali del risparmio gestito. – 5. Assonanze e differenze. – 6. Se i fondi chiusi dispongano di una struttura organizzativa. – 7. I modelli altrui. – 8. Una ipotesi intorno alla soggettività. --- Abstract: Long before a law enabled investors to purchase quotas of investments fund regulated by the laws of Italy scholars debated about the nature of funds, a concept which was absolutely stranger to the Italian legal system. After decades in which Italy knows investments funds, both as mutual open end finds and closed end funds, there is no consensus among the scholars. The aim of the article is to outline the structural differences between open end funds, typically active in the markets, and closed end funds, dedicated to private equity or real estate, although they are subject to same rules both of EU and Italian origin. While is must be held as a tenet the lack of legal personality of funds, the fact, which is asserted and demonstrated here, that the fund is a legal subject is ripe of implications and, due the extensive regulation on the topic, it should be now considered that the closed end investment fund is not a particular case of an existing legal concept, is a new category. Keywords: Investment Funds – Closed-end Funds - Private equity – Legal Personality.