By Neil Wilson
In Europe debate continues to rage about the European Union's proposed Alternative Investment Fund Managers (AIFM) directive. U.S. Treasury Secretary Tim Geithner was among the latest to raise concerns about its potentially protectionist effects with EU Commissioner Michel Barnier. Hopefully, the most harmful provisions can be headed off before the directive is finalized, but the eventual outcome is still very much in play.
Meanwhile, another EU directive—the one governing so-called Undertakings for Collective Investment in Transferable Securities (UCITS for short)—seems to be having a strangely opposite effect, galvanizing the