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Alternative Market Briefing

German tax and regulatory change is causing increased demand for hedge funds in Germany

Tuesday, July 30, 2013

Beverly Chandler, Opalesque London:

Speaking at the Opalesque Roundtable Frankfurt, sponsored by Eurex, WTS and Taussig Capital, Robert Welzel, Partner of WTS said: "I think it is remarkable that we see a lot of interest from investors at this point in time to invest into offshore hedge funds. This happens at a time when regulations like the AIFMD implementation, plus additional German gold plating provisions click in, which will not only make the distribution or the marketing of hedge funds much more complicated in the future but will also prohibit certain regulated investors who currently can invest in hedge funds."

Welzel commented that it would be interesting to see how hedge fund managers are preparing for a new raft of regulatory and tax changes in Germany. "And, on the other side, what will the reaction of the more sophisticated investors be if they see additional hurdles raised to invest into hedge funds."

Welzel continued: "For example, so called "other funds" can be set up as a retail product or as a special fund only for institutional investors. Currently, the "other fund" is entitled to invest into hedge funds. As from 22 July 2013, the "other f......................

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