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Alternative Market Briefing

As deadline approaches attitudes mixed on AIFMD

Wednesday, June 25, 2014

Bailey McCann, Opalesque New York:

The Alternative Investment Fund Managers Directive (AIFMD) in Europe is approaching its July 22 authorization deadline, with some big operational questions still unanswered. Funds were meant to have filed with the European regulator ESMA by the deadline although reports have emerged of a bottleneck as funds rushed to the finish line. Other questions remain on segregation at prime brokerages. Even as the deadline draws ever closer, funds appear to be mellowing slightly on their view of the directive.

A recent survey from service provider Multifonds suggests that managers are entering the resignation phase of the grief process. Depository costs have dropped to between 2-25bps, a significantly lower figure than the 30-40bps originally predicted. Harmonization with US regulations has also made some parts of AIFMD easier to swallow.

Fund personnel and marketing efforts that now have to be adjusted with implementation of the Directive are prompting conversations about overall business plan and messaging consistency within funds according to Christopher Stuart Sinclair, Director Risk Services – Deloitte Luxembourg and Chairman of ALFI's Oversight Duties Working Group.

"Funds will have to evaluate their overall business plan and determine who it is best suited for, and if they are foreign managers they will have to further decide if they want to deal with the compliance overhead of the Directive to raise assets in Europe. Addition......................

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