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