Pension funds are this way called because they use to manage pension contributions on a private basis with the purpose of maximizing their own return.

Typical institutional investment instrument in those countries characterized by an advanced economy, pension funds are the traditional supporters of the stock market thanks to their policy of long - term investment.

In the United States of America workers have this way been able to realize their "dream" of becoming owners of corporations: a great part of the stock capital of English and North - American corporations is in fact being owned by pension funds that are thus becoming one of the principal supporters of economical development.

Also Italy, with law n. 335/95, has given a definite disposition to pension funds, as the said country hadn't been until that date in step with the other developed countries.

Now two different types of "products" have been set:

· closed - end funds stoked up by companies and workers through contributions established by trade agreements, or otherwise by using appropriation of funds for liquidation. The said funds may be constituted by sole corporations, groups of corporations or trading associations;

· open - end funds directed to self - employed people and to professionals who are not allowed to participate to closed - end funds.

Owners of pension funds have also the faculty of transferring them in the respect of specific rules: pension funds may be transferred not before than 5 years in relation to the first five years of existence of the said funds, successively the term will be reduced to 3 years.

In such a political and economical "cadre" banks, insurance companies, securities investment firms, management companies are going to strike up a commercial alliance with qualified service companies for the outsourcing management of some services relative to the administration of funds.

This will mean that the said companies are intentioned to take advantage of professional services even though they will not be available in their internal structure.

Among the clauses provided in law n. 335/95 it can be inferred the need for all existing funds and future ones of making external structures value their property assets so that a correct and clear administration and management of funds will be realized.

In this regulatory framework a great scope of action has been given to qualified property consulting firms structured just to give an answer to what previously described. This way it would be useful to resort to experiences of those property markets more developed than the Italian one in order to analyse methods and organizational models belonging to them. This will be as quicker as tighter will the co-operation with qualified stranger operators be, operators who are surely viewing this "revolution" of Italian property market with a great interest.

Pension funds have also been object of study by the European Federation for retirement provision (Efrp) with the purpose of analysing the impact of a development of pension funds on the European stock market and on its competitiveness. The result of the said analysis was directed to an increase of pension funds: the aim consists in bringing the assets from the level of 1.100 milliards ECU at the end of the year '93 to 10.200 milliards by the year 2020.