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.