US treasury secretary Timothy Geithner has reiterated his
concerns about the European Commission's proposed Alternative
Investment Fund Manager (AIFM) directive in a letter to his
finance minister counterparts in the UK, Germany, France and
The letter - which follows an earlier letter sent by
Geithner to EU financial services commissioner Michel Barnier a
few weeks ago - reinforces Geithner's desire to see changes
made to the draft directive to ensure it does not discriminate
against non-EU funds and investment managers.
It marks a stepping up of the pressure by the US authorities
against the proposed EU directive, which they fear will prevent
US hedge funds from marketing to EU-based clients, and will
further alarm those who believe that the directive...