The dominance of UCITS funds is creating challenges for US-based fund managers, according to Paul Schaeffer from Forward Management.
Schaeffer, director of strategy for California-based alternative investment manager Forward, told the Association of the Luxembourg Fund Industry conference on 29 September last week in Luxembourg that the US has to realise that globalisation has resulted in greater interconnection with emerging markets.
He said: “One of the challenges for the US is that UCITS are becoming the dominant investment vehicle globally and it is resulting in US-based fund managers sending jobs overseas because UCITS are creating jobs in Europe.
“It is something that US policymakers will have to come to grips with. The US is more connected with countries