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Alternative Market Briefing

Over 80% of fund managers have yet to seek AIFMD authorization as deadline approaches

Wednesday, January 22, 2014

Bailey McCann, Opalesque New York:

With only six months to go until full implementation of the Alternative Investment Fund Managers Directive (AIFMD) on July 22, new research by BNY Mellon, has found that fewer than 20% of alternative investment fund managers (AIFMs) have submitted an application to their local regulator for AIFMD authorization. Given that securing authorisation typically takes a number of months, bottlenecks and delays are now likely to develop, putting even greater pressure on AIFMs, depositaries and services providers as they seek to implement the necessary changes in time for July's deadline.

According to a survey conducted by BNY Mellon, 37% of funds are still unclear how they will handle the regulation at all on a go forward basis. The latest BNY Mellon survey – conducted in conjunction with global business consulting firm FTI Consulting – canvassed more than 50 firms drawn from across Europe, the United States, Asia and Latin America who operate, or are considering operating, a fund that would be subject to AIFMD. The survey respondents – comprising a mix of small, medium and large fund managers – collectively hold over $4tn in assets under management, of which over $20bn fall under AIFMD.

Of those surveyed just 19% opted to submit their registrations last year - a poor showing by any measure. 20% of the remaining group says they plan to submit within the final three month period leading up to the deadline, despite the likelihood that......................

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