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 Spain.
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...