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Regulatory reporting has become a critical component of running an alternative investment fund. This requires well-developed data sourcing and data management processes to help ensure that fund managers remain compliant.  Until a few years ago, there were no formal regulatory reporting requirements on the part of alternative investment managers. Following the financial crisis in 2008, the European Union tried to figure out a reporting mechanism to obtain a clear handle on the size of the alternative investments industry, and the degree of counterparty exposure that exists.  The European Union subsequently introduced the AIFM Directive, within which Annex IV reporting can
When setting up as a new hedge fund manager, one of the most important relationships to establish is that of the prime broker. With banks facing regulatory pressures in the form of Basel 3, many are re-appraising their client book to ensure that they are getting a suitable return on investment for the balance sheet they provide. Consequently, the first point for start-ups to focus on is to articulate what they will be doing with the fund they are planning to launch.  “They should have a well developed outline of the investment strategy, investment process and the type of portfolio
Across most EU jurisdictions, either the management company or the AIF needs to be licensed and requires some form of approval process. The Netherlands, however, is the exception to the rule. Under its light regime, neither needs to be licensed or supervised at all. This makes it a fast, efficient and cost-effective option for start-up managers.  Provided the manager runs an AIF with less than EUR100 million in AUM, he can avoid licensing and apply for an exemption, although he will be subject to certain registration and reporting obligations. For example, the manager must include a selling restriction in a
Malta hosts a wide range of service providers, all of whom are well versed in structuring and supporting alternative investment funds, fund administration, risk management and so on. According to the MFSA’s statistics for Q1 2017, Malta had 26 recognised fund administrators, 115 Category 2 investment services groups, and 153 Company Service Providers.  From a fund launch perspective, a total of 21 Professional Investment Funds (PIFs) were licensed and three Notified Alternative Investment Funds (NAIFs).  “Overall, for the past 12 months fund formations in Malta have been strong,” says Nicholas Warren, Manager, Corporate Services, Chetcuti Cauchi Advocates. “We’ve seen
Traditionally, Luxembourg’s fund industry has always been based on the products being regulated. Both UCITS funds, and Specialised Investment Funds (SIFs) under AIFMD, work on this premise. However, the Grand Duchy was quick to realise that given AIFMD is manager regulation, it created a double layer of regulation for alternative investment fund managers (AIFMs) wishing to run alternative investment fund (AIF) products.  As Kavitha Ramachandran (pictured), Senior Manager Business Development & Client Management at Maitland, explains, this was a potential problem where time to market was essential. “This is what led to the creation of the Reserved Alternative Investment Fund
What does the future hold for the raising of funds in Europe? Wayne Atkinson (pictured) of Collas Crill, on behalf of the Guernsey Investment Fund Association, takes a closer look… With the arrival of the Alternative Investment Fund Managers Directive (AIFMD), many were quick to bemoan what they saw as the inevitable loss of their favoured route to market; the use of national private placement regimes in the key European markets to raise capital for a Guernsey fund vehicle. With the passing of a few more years, a Brexit referendum and more than a little regulatory delay, it is becoming increasingly
By James Williams – 1. Choosing the Fund’s European Domicile: One of the hardest decisions for any start-up or established manager wishing to launch a European Alternative Investment Fund is picking the most suitable jurisdiction. Europe has multiple fund centres, including Luxembourg, Ireland, Malta and The Netherlands, each of which offers something slightly different. Due care and consideration of all the options is therefore vital before the manager engages with legal counsel to commence the fund set-up phase.  Europe’s largest onshore funds domicile is Luxembourg, home to approximately 14,400 funds, including sub-funds, representing just short of EUR4 trillion in AUM,
Welcome to the 2017 edition of GFM’s Guide to setting up an Alternative Investment Fund in Europe. It is the first of a two-part series, the second part will focus on setting up an AIF in the USA, and will be published later this year. This edition is published as the UK finally begins the all-important process of negotiating the precise trade terms under which it will conduct its Brexit from the EU, terms which will clarify how investment funds outside the UK are regulated and structured for marketing and distribution purposes within the UK, and how UK investment managers
Six months ahead of the MiFID II implementation deadline, alternative asset managers still face uncertainty, with 34 per cent of firms undecided for example on how to pay for research, according to a survey by the Alternative Investment Management Association (AIMA). Fund managers globally cited as their biggest MiFID challenges uncertainty around what the MiFID II rules mean – both their scope and substance – as well as what they perceived to be a lack of clarity relating to the cost and nature of services provided by brokers.   The AIMA survey showed that, among the two-thirds of alternative asset
Alex Arnold, Former CEO and Research Director of Detwiler Fenton & Co, has joined Odeon Capital Group as a Managing Director on the firm’s Equity Research team, covering the Consumer sector as well as Technology and Media. At Detwiler, Arnold constructed the firm’s research model around TMT, then Consumer and Clean Energy, and managed it for more than a decade. With more than 20 years of investment experience, Alex has been recognised as a “Best on the Street” analyst by the Wall Street Journal; but he’s also run a hedge fund, participated on the investment banking side of the business.

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