Mon, 21/07/2014 - 11:27
Two thirds (64 per cent) of funds are ready for the deadline for implementation of the Alternative Investment Fund Managers Directive (AIFMD) on 22 July, according to a global survey of alternative investment fund managers.
Only one in six (15 per cent) admitted they were not ready, with the remainder (20 per cent) planning other routes including phasing in compliance by 2018.
According to the survey, commissioned by Hassans International and Deloitte Gibraltar, more than half of the fund managers surveyed (55 per cent) said that the ability to continue to market funds in Europe over the next three years was of importance, with 29 per cent saying this was of the utmost importance.
James Lasry, head of funds at Hassans International Law Firm, says: “Clearly there are still many challenges for compliance to AIFMD regulation – particularly with fund managers outside the EU and smaller funds that will face the brunt of the extra costs and compliance required.
“What is overwhelmingly clear is that Europe is seen as an important opportunity for investment. However, some fund managers are also looking at ways around AIFMD and for solutions to the regulatory hurdles.”
Accessible regulation was the second most important factor for alternative investment fund managers in deciding where they domicile their funds. The most important factor was infrastructure.
AIFMD came into force last July and covers the management and marketing of alternative investment funds (AIFs). AIFMD establishes an EU-wide framework for monitoring and supervising risks posed by alternative investment fund managers and the AIFs they manage. AIFs include hedge funds, private equity funds, and real estate funds, among others.
Lasry says: “For funds that are establishing themselves now, or funds that wish to continue to market in the EU – particularly those wishing to market in Germany, France, Italy and the Netherlands, where the private placement regimes have been substantially restricted – they will have to consider a European onshore option and, depending on size, AIFM-compliant structures.
“As an onshore jurisdiction within the EU, Gibraltar offers effective and efficient fund solutions to fund managers and experienced investors that want full access to the EU market. Experienced Investor Funds are already the most user-friendly fund vehicles within the EU, with the quickest time to market.”
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