IMA overhauls sector definitions to become UCITS hedge fund friendly
Tue Sep 21, 2010
The UK’s Investment Management Association is overhauling its sector definitions in response to the growing popularity of UCITS hedge funds.
The body that represents the authorised fund industry in the
UK announced in August it is reviewing its official sectors
because new legislation like UCITS III means that fund managers
have gained wider investment powers.
The IMA is seeing more funds being launched that are
characterised by their investment strategy - rather than the
type of assets that they hold - and there has not been a major
sector review since the introduction of the UCITS III
legislation. The sectors as they currently stand have been
around for a long time according to Jane Lowe, director of
markets for the IMA. The aim of the fund sectors is to take the
entire 2,500 authorised fund universe in the UK and divide it
into smaller groups of comparable funds, to give consumers and
IFAs a starting point for searching for a fund. Lowe says: "It
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