NU Online News Service, Oct. 23, 10:21 a.m. – Italy’s $165 billion mutual fund wrap-fee program market, or GPF, will double in size by 2005, according to a report by Cerulli Associates, Boston

In Trends In The Italian Retail Fund Management Marketplace, the financial services consulting firm says Italian GPFs already hold more assets than the U.S. mutual-fund wrap fee systems do.

GPFs will become more open to mutual funds from outside companies and create new opportunities for asset management firms throughout the world, Cerulli predicts.

The study, due to be released this month, includes interviews with senior fund management executives, regulators, data vendors and industry experts throughout Europe. The study also includes results from a survey of major Italian GPF sales networks.