Will alternative asset managers continue to set up UCITS funds? That is the question the investment industry is now asking according to one Dublin-based lawyer.
The Alternative Investment Fund Manager Directive, which was approved by Members of the European Parliament in November 2010, means that there is more clarity about the sale and distribution of hedge funds in Europe.
Donnacha O’Connor from law firm Dillon Eustace
In January 2013 the AIFM Directive will be transposed into member states. Under the new legislation, passporting will be introduced in 2015 for non-EU alternative investment fund managers and current national private placement regimes will end in 2018.