The investment powers enshrined within UCITS III may seem
sweeping and attractive enough today to managers looking to tap
into the onshore investor base. But those that responded early
to the opportunities they offered say that, at the time, UCITS
III attracted surprisingly limited attention.
As an example, take a manager such as BCM & Partners,
which was set up in June 2005 by five partners from Morgan
Stanley's private wealth management division. BCM now has
almost $1 billion under management across a range of strategies
and funds, including two Luxembourg-regulated 'sophisticated'
UCITS III funds.
"When we started in 2005 the UCITS Directive was key to our
plans," says Carlo Michienzi, partner and co-CEO. "Our main
objective was to create a business that would bridge the gap
between what we perceived to be products delivered to
traditional investors from the long-only space, and what the
hedge fund community was offering...