Abstract

The growing (and disruptive) presence of institutional investors in the share capital of listed companies and their consequent – potential, but undisputed – ability to influence the choices of the companies in which they invest have prompted the rise of theories suggesting that institutional investors owe fiduciary duties to their investee companies. This article examines whether such duties are compatible with the duties, defined by European financial markets law, that institutional investors owe to their clients and, secondly, with the rules of Italian company law.