The Banca d'Italia has authorised the operation of the first single strategy hedge fund in Italy, to be managed by the Milan-based Gruppo Kairós.

The long/short Kairós hedge fund will start operations in July under the management of Alberto Conca, who used to be head of equities at Gestielle, the mutual fund arm of Banca Popolare di Verona. Conca joined Kairós Alternative Investment in April this year.