With less than a month to go until the Alternative Investment Fund Managers Directive (AIFMD) implementation deadline, many fund managers are gearing up for the new regulatory restrictions which the directive will bring to the European fund market.
One issue that managers of Alternative Investment Funds (AIFs) will face is the choice of domicile for investment funds. Traditionally, AIFs were domiciled in an offshore jurisdiction but many believe that the AIFMD will fundamentally affect this traditional choice of domicile for an AIF.
A forum to discuss this concern, which has been organised by IFI Global and co-sponsored by Abacus, will take place on 2 July 2013 at Browns Courtrooms in London. Paul Kneen, managing director of Abacus Financial Services in the Isle of Man and Abacus Fund Administration in Malta, will be in attendance at the event and will be participating in a panel discussion surrounding the implications of the directive on the choice of domicile for AIFs.
Kneen (pictured) says: “The introduction of the AIFMD on the 22 July 2013 will bring with it a new set of rules which managers of AIFs, both in and out of the EU, must adopt in order to continue trading and marketing AIFs within the EU. Three solutions for fund managers have been developed since the directive was first introduced in regard to the domicile of choice - re-domicile, co-domicile or cease trading of AIFs in Europe. For any fund manager who believes that the EU is a key location for them to market and sell their AIFs, re-domiciling or co-domiciling would be the logical path to take, and the merits of each will be discussed in detail at the event.
“Abacus is a leading fund service provider with offices in the Isle of Man and Malta, and is well placed for the establishment and on-going operation of AIFs. Having offices in both onshore and offshore jurisdictions puts Abacus in a strong position as we are able to benefit from either route once the AIFMD is introduced.”