Wed, Apr 25, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

One-third of fund managers may be unprepared for 22nd July AIFMD deadline

Wednesday, July 16, 2014
Opalesque Industry Update - An independent survey conducted by Confluence, the global leader in investment data management automation for the asset management industry, has found that with one week to go, respondents believe a third of the fund managers targeted by the Alternative Investment Fund Managers Directive (AIFMD) Transparency Reporting requirements are unprepared to meet the 22nd July deadline.

The survey, which included 116 responses from asset managers and fund administration service providers, was conducted between 16 June and 1 July as part of a research in the run up to the AIFMD July deadline when European Union (EU) AIFMs are required to submit their application for authorisation. When asked how prepared they believed AIFMs are to meet the Transparency Reporting requirements of AIFMD, 34% of the respondents felt that AIFMs were not very ready or were not sure of their level of preparedness for the Transparency Reporting requirements. Of those that responded, only 16% said they believed AIFMs were ‘very prepared’ ahead of the deadline.

In addition to their concerns about being prepared to meet the new reporting challenges, over a quarter (28%) of respondents said they believe AIFMs are still undecided and reviewing all options on how to meet AIFMD transparency. While some fund managers plan to use in-house reporting solutions, 22% of respondents plan to use an external solution to solve the regulatory reporting problem.

Commenting on the survey, Melvin Jayawardana, Confluence’s European Markets Manager said:

“The Confluence survey highlights the lack of readiness within the industry ahead of the AIFMD deadline despite being less than a fortnight away. European asset managers and fund administrators face big challenges getting up to speed on the full ramifications of the directive and the scope of work it will require of their back-office operations.”

The survey also tackled the question of challenges and threats brought about by the AIFMD requirements; almost a third of respondents said that the single greatest challenge was reporting to local regulators and identified the regulatory burden as the single most important concern. This was also a key concern highlighted in a Confluence survey conducted earlier this year, when more than two-thirds (67%) of alternative investment fund managers said they were concerned with reporting to local regulators[1].

Melvin added:

“Managing fund data manually and across multiple in-house systems will be challenging within AIFMD’s reporting window, which can be as short as 30 days. However, AIFMD is an opportunity for the investment services industry to address transparency and granularity in reporting to meet the constantly changing regulatory landscape and further enhance governance and protection to investors.”

Press release

About the survey
The survey was conducted on the back of ‘Countdown to AIFMD: Ready or Not?’ Confluence led webinar held on 1st July, directed by a panel of compliance and finance technology experts, including Virginie O’Shea, ‎Senior Analyst at the Aite Group, Michel Lempicki, Global Accounts Director at StatPro, Nicola Le Brocq, Alternative Investment Consultant at Enhance Group and Melvin Jayawardana, European Markets Manager at Confluence. The discussion was aimed at having a clear and up-to-date insight into the industry’s attitudes and feelings ahead of the compliance deadline later this month, as well as demonstrating the need for faster fund data management to comply with AIFMD’s short reporting window.

www.confluence.com

Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Sequoia takes Facebook stake as shares slide in data controversy, $1.4b hedge fund sees intact fundamentals for Facebook, Jim Cramer reveals some 'suggested hedge fund trades' amid the Trump tariffs[more]

    Sequoia takes Facebook stake as shares slide in data controversy From Bloomberg.com: The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. "The recent controversy enab

  2. Activist Investors - Blue Sky-owned Wild Breads faces uncertain future[more]

    From AFR.com: A Blue Sky private equity investment in artisan-style baker Wild Breads enjoyed multiple valuation upgrades despite losing millions and breaching its lending covenants, accounts lodged with the regulator last week show. Wild Breads lost $2.4 million in 2017, but Blue Sky ascribed a hig

  3. Opalesque Exclusive: Barnegat to close hedge fund to outside investors on weak opportunities[more]

    Komfie Manalo, Opalesque Asia: Bob Treue's Barnegat Fund Management said it is closing its $666m fixed income relative value hedge fund to outside investors. "The negative side to gains in Fixed Income Arbitrage is that unless we find new opportunit

  4. Investing - Hedge fund makes a big bet on malls, British hedge fund manager Odey short UK government bonds on QE bet[more]

    Hedge fund makes a big bet on malls From Barrons.com: The dominant narrative on American shopping malls is that they're dead. Crushed by Amazon.com, many brick-and-mortar retail stores are destined for bankruptcy. And where is the most retail, clustered all together? Malls. From a

  5. Performance - Hedge funds suffer first back-to-back loss in two years, Netflix performance burns hedge fund short sellers, Macro hedge fund up 14.5% in first quarter sees dollar falling, Renaissance Technologies rebounds across hedge funds in March[more]

    Hedge funds suffer first back-to-back loss in two years From Bloomberg.com: Hedge Fund returns sank for a second straight month in March, the first back-to-back loss since the first two months of 2016, as trade wars, tech-sector woes and a Fed rate hike dragged down the S&P 500 from its