Complexity is not always equal to risk when it comes to funds aimed at retail investors, according to a director at the Investment Management Association, a trade body which represents the mainstream UK asset management industry.
Julie Patterson, director at the IMA, was responding to European Securities and Markets Authority guidelines on structured UCITS and exchange-traded funds using the UCITS wrapper. Earlier this year ESMA announced it was reviewing the sector because of the growing ‘retailisation’ of hedge funds (see earlier story).
Julie Patterson from the UK’s Investment Management Association
The IMA questioned ESMA’s rationale for singling