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Alternative Market Briefing

SEI/AIMA panel comments on remuneration rules for European alternative fund managers

Friday, February 08, 2013

Beverly Chandler, Opalesque London: A panel put together by SEI and AIMA recently discussed the new rules and application guidelines of the AIFMD remuneration requirements, declaring that they could have substantial impacts on the operating models of hedge funds and UCITS operating in Europe. The panel consisted of Jiri Krol, Director of Policy and Government Affairs, Alternative Investment Management Association (AIMA); Rob Mellor, Partner, PricewaterhouseCoopers and James Tinworth, Partner, Stephenson Harwood.

SEI’s paper highlights the fact that as these guidelines may potentially apply through mid-2013, managers will need to already be planning for their remuneration plans. While there remains uncertainty as to how the guidelines will eventually end up, managers should nevertheless try to construct a remuneration policy for 2013.

SEI’s paper explains the thinking behind the directive. "The Directive requires alternative fund managers to have remuneration policies and practices that "are consistent with and promote sound and effective risk management" and "do not encourage risk-taking which is inconsistent with the risk profiles, rules or instruments of incorporation of the AIFs they manage." These policies and practices must apply to "those categorie......................

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