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Myners urged to heed barriers to alternative investments

Trade associations are calling for Government investment review leader

Paul Myners to dismantle the barriers facing alternative investment.

The obstacles include excessive regulation, bureaucracy and adverse

taxation policies.

Last Friday was the deadline for parties to make their cases to the Myners

review which is looking into why institutional investors fail to invest

more in alternative areas such as venture capital.

The ABI and the AITC say there are serious financial and regulatory

obstacles to efficient investment in non-traditional areas such as venture

capital and they hope Myners will recommend changes to make investment

“simpler and more straightforward”.

In its submission to the review, AITC director general Daniel Godfrey

says: “The Government should encourage trustees and their advisers to break

out of the strait-jacket of peer group pressure and to focus instead on

ensuring they concentrate on building the best possible investment


An ABI spokesman says: “The ABI continues to seek changes in regulatory

and fiscal barriers that prevent life insurers from investing adequately in

alternative investment.”

Autif&#39s deputation took a narrow view of the situation. It did not concern

itself with the bigger picture of instit-utional investment, focus-ing

instead on specific questions which apply to unit trusts or Oeics.

Director general Philip Warland says that, because of the nature of unit

trusts, venture capital may not be the best investment. He also says the

area of concern to Autif is in dealing with smaller companies, in which

many unit trusts do invest.


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