The growth of liberalization processes in the public utilities sector emphasizes the
increasing attention on «property management companies», i.e. local-owned asset management companies. The legitimacy of such companies originates from the company oriented asset reallocation of networks, plants and other assets related to services whose offer is being liberalized, namely based on article 35 of Budget Law for 2002, which provides for the withdrawal of networks plants and other assets. A deverticalisation of the supply chain is hence necessary, based on a separation of infrastructural assets (by now common carriers) from the service and supply management. Asset Management Companies are hence by no mean a legislative fluke: they issue from a reorganization rationale, with solid legal financial and economic grounds. The paper will address in a more detailed way the issue of the start-up and activity of
local-owned asset management companies, and namely their legitimacy, function and qualities as well as the start-up methodology and strategy and the development perspective based on innovative finance tools.