Restricting the scope of UCITS funds may result in investors
being pushed towards less regulated financial products,
according to a top Paris-based asset management firm.
Amundi, which was formed by the Credit Agricole and Societe
Generale financial groups, states in a submission to the
European Securities and Markets Authority that it believes that
UCITS are suitable for retail investors.
Amundi states: "Having a complex category would allow wealthy
investors to invest in those products while preventing mass
BlackRock, the largest asset manager in the world, says in its
submission: "A major unintended consequence of dividing UCITS
into complex and non-complex categories could be that retail
investors are directed away from UCITS products, which are
highly regulated, to the competing lightly regulated suite