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Alternative Market Briefing

Amid regulatory brouhaha, U.S. hedge funds care more about domestic than European and Asian investors

Thursday, March 20, 2014

Komfie Manalo, Opalesque Asia:

Most U.S. hedge fund managers wait for the confusion of rules around the full implementation of the Alternative Investment Fund Managers Directive (AIFMD) so they could market their products in Europe, said Darren Stainrod, a Principal at HighWater Limited at the latest Opalesque 2014 Cayman Roundtable.

"U.S. managers are initially marketing their funds within the U.S. [as they await clarification]," Stainrod said. He added, "In any case the capital flows are largely coming from the U.S., and so there is no need for them to navigate the European minefield or take long flights to Asia,"

He went on to say that in Europe, managers are too distracted by rules and regulations to concentrate on innovation and product development. Stainrod pointed out the AIFMD, EMIR reporting, SEC and CFTC registration, FATCA and a change in UK partnership tax law will keep European managers busy until at least the second half of 2014.

James George, a partner with BDO International in the Cayman Islands, noted that many North American managers do not really have a lot of direct involvement in Europe, so they are either out of scope or they are looking to restructure in order to be out of scope of AIFMD.

BDO is the world’s fifth largest accounting network with offices in 138 countries and employing almost 55,000 peop......................

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