View more on these topics

Trinity warns that non-Ucits Euro edict would mean back to the future

Fund of hedge fund managers will have fewer funds to choose from if the current version of the European Union directive on alternative investment fund managers is implemented, according to Trinity Fund Administration.

The directive, which was drafted in April 2009, aims to create a single EU regulatory framework for non-Ucits alternative investment funds. It proposes the regulation of managers rather than funds but has created uncertainty for the alternative investment fund industry, which is also concerned about the cost of increased regulation.

Trinity says there have been 2,000 amendments to the draft proposals but, as it now stands, marketing of non-EU funds will be allowed only to professional investors if that country has signed an information-sharing agreement with all EU member states.

This has been interpreted as informationsharing in relation to tax matters but Trinity says there are no specific details on what this would entail.

Managers running non-EU-domiciled hedge funds would only be able to sell their funds into the EU if the regulatory framework and supervisory arrangements of the non-EU country were judged equivalent to those of the directive. EU managers would also have to have similar access to that non-EU market.

Trinity believes that the directive would restrict investment choice within funds of hedge funds, with managers not having access to the full range of funds that they can currently buy.

Trinity Fund Administration director Peter O’Dwyer says: “If the directive came in now, it would be back to the future, a return to the old days when the big banks sold inefficient products to the local market. Funds of hedge funds would have fewer funds to buy.”


Strategic bonds gain traction, says Cofunds

Strategic bonds gained traction in February, accounting for 7 per cent of net sales on the Cofunds platform.  The sector ranked third for sales after cautious managed which led the table with 20 per cent of gross money invested in February and corporate bonds which represented 10 per cent of gross sales of new business.  […]

India rate cut – more to come?

Kunal Desai, Head of Indian Equities at Neptune Investment Management India’s stockmarket rallied this week following news that the central bank was cutting interest rates more aggressively than expected. Commenting on the rate cuts and what this means for India’s economic growth, Kunal Desai notes that there were two important details in the announcement that have […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm