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Guernsey is now accepting applications under new domestic AIFMD marketing rules and therefore it is a case of ‘business as usual’ for Guernsey’s investment fund community, writes Fiona Le Poidevin (pictured), Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry.
On 7 June 2013 the Guernsey Financial Services Commission (GFSC) issued domestic Alternative Investment Fund Managers Directive (AIFMD) marketing rules, together with a notification form and confirmed they are able to accept applications prior to 22 July 2013.
The GFSC has also provided a set of frequently asked questions (FAQs) which will be updated as
Traiana, a provider of pre-trade risk and post-trade processing solutions, has appointed Guy Eden as head of product management.
He will have cross asset responsibility and will report to Igor Teleshevsky, a member of Traiana’s executive committee.
Eden was previously head of product management at the London Stock Exchange, where he was responsible for product management, development and customer support for UnaVista. Eden joined the London Stock Exchange from Ipreo, the investment banking solutions provider. Prior to joining Ipreo much of his career was spent at SunGard, where he most recently had the role of solutions director.
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The EVCA comments on the Alternative Investment Fund Managers Directive (AIFMD) entering into force across the European Union…
European Private Equity and Venture Capital Association (EVCA) Chairman George Anson on the Alternative Investment Fund Managers Directive (AIFMD) entering into force across the European Union…
Chairman George Anson says: “European private equity has invested more than EUR270billion into 22,000 European companies in the last five years. It is appropriate that private equity is regulated at a European level, as befits a significant and established asset class.
“It is vital both for private equity managers and the investor community, of which
Hedge funds, as measured by the Credit Suisse Hedge Fund Index, finished June down 1.66 per cent, with two out of 10 strategies in positive territory.
In total, the industry saw estimated outflows of approximately USD1.09bn in June, bringing overall assets under management for the industry to approximately USD1.95trn.
The equity market neutral sector experienced the largest asset inflows on a percentage basis, with inflows in June equal to 1.11 per cent of the May 2013 levels.
Event driven funds experienced modestly negative performance against the backdrop of general market fears of a reduction in global central
Managed futures lost 1.11 per cent in June, according to the Barclay CTA Index compiled by BarclayHedge.
The index is now down 0.87 per cent year to date.
“A slowing of economic growth in China combined with concerns of Fed tapering led to trend reversals in equities, commodities, and interest rates in June,” says Sol Waksman, founder and president of BarclayHedge.
Seven of Barclay’s eight CTA indices had negative returns in June. The Diversified Traders Index lost 1.62 per cent, Systematic Traders gave up 1.22 per cent, and Financial & Metal Traders were down 1.10 per cent.
The much anticipated Alternative Investment Fund Managers Directive enters into force on 22 July 2013. GFM’s comprehensive AIFMD Implementation Guide outlines the regulatory position in key alternative investment fund domiciles – the British Virgin Islands, Cayman Islands, Guernsey, Ireland, Jersey and Malta and also examines key issues such as depositary and compliance requirements.
This AIFMD Implementation Guide was produced with the support and specialist expertise from the following:
– Deutsche Bank
– BDO
– Harneys
– Dillon Eustace
– Volaw Trust & Corporate Services
– Guernsey Finance
– Malta Financial Services Authority
Click here to download your copy of the
The role of the depositary is set to become an integral part of how offshore hedge funds operate in Europe under the AIFM Directive, which will be transposed into law on 22 July 2013. Never before have Cayman-based hedge fund managers had to think about using depositaries.
Under the Directive, though, the depositary’s role with any given AIF will be much higher profile. It will be held liable for the loss of any financial instruments held with third-party sub-custody accounts.
What this means is that the depositary will become more important in the terms of the AIF manager’s decision making
The imminent arrival of the EU-wide AIFM Directive is set to shake up the apple cart somewhat, in terms of how hedge fund managers approach internal governance. Many London-based managers are, of course, perfectly comfortable with their compliance obligations under the FCA (formerly FSA).
And whilst the Directive, on face value, should not require managers to make wholesale changes internally, it will present a more nuanced challenge. In effect, AIF managers will need to approach the way they run their AIFMD-compliant firms almost as if they were UCITS managers because this is the filter through which the FCA will likely
By Philip Graham (pictured), Harneys – The British Virgin Islands (BVI) is the world’s second largest domicile of offshore investment funds and a leading international finan
By Matt Mulry (pictured), Dillon Eustace – The Directive on Alternative Investment Fund Managers (Directive 2011/ 61/EU (“AIFMD”)) and its supplementary regulation will from 22 July 2013 introduce an authorisation regime for the marketing and management of alternative investment funds (“AIFs”) within the European Union (“EU”). Following 22 July 2013 a manager which is established outside the EU and which manages an AIF established in Cayman may only market that AIF into the EU in certain limited circumstances.
An AIF under the AIFMD is defined very broadly as any collective investment undertaking established anywhere in the world that (a) is
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