UCITS IV is creating pportunities and challenges for the investment fund industry.
Fund mergers, management company passports and the master-feeder structures are creating greater efficiencies but on the other hand tax differences between different member states are also creating challenges.
In the UCITS IV panel session at the Association of the Luxembourg Fund Industry spring conference panellists discussed how the directive might change the landscape for the industry.
Speaking on the UCITS IV panel. From left to right: Allan Pelvang, Marnix Arickx and Jeremy Soutter
UCITS IV: overview
Christophe Wintgens, financial services leader and partner for Ernst & Young in Luxembourg, told the conference that the European fund industry has always been fragmented - with a high number of funds and tax discrepancies between EU member states making it very different from the US fund industry.
He said: UCITS IV directive has been seen as a means of resolving some of these...