The term ‘Newcits’ should be dropped, says EFAMA
Mon May 16, 2011
The term 'Newcits’ should not be used because
what it is usually intended to refer to are not new products or
a new category of funds – and hence could be confusing
and misleading, according to a report published by the European
Fund and Asset Management Association.
The 17-page report, The Evolving Investment Strategies of
UCITS, states that all UCITS are subject to the same detailed
rules set down in European legislation, and therefore that
Newcits are just UCITS.
EFAMA's Peter De Proft
Peter De Proft, director general of Brussels-based EFAMA,
says: "The Newcits label was coined by the media and should not
be adopted by the industry or regulators. We do not
ISSN: 2151-1845 / CDC10004H
The full contents of this article are available to active Absolute UCITS subscribers and trialists only.
TAKE A FREE TRIAL
To continue reading please, take a free trial or subscribe to Absolute UCITS.
Subscribers have unlimited access to all current content, including UCITS fund performance Live League Tables. Start your subscription today - click on the button below.