At the 2008 Morningstar conference, Geffen said that despite the introduction of Ucits, there is still no harmonisation, meaning that companies are launching Dublin or Luxemburg-domiciled funds alongside their UK versions.
He said: “It has been a fundamental failure of the regulators as this leads to an unnecessary doubling of the range.”
Invesco Europe chief executive Jean Baptiste de Franssu said it is important to recognise the steps that have already been taken and that harmonisation has never been closer.
He said: “There are still some hurdles on the details and the regulatory side to make the process smoother but we need to acknowledge how much progress has been made in the past couple of years. Ucits IV is in the pipeline and will answer some of those details that need to be smoothed out.”