Sat, Sep 5, 2015
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. Opalesque Exclusive: New Detroit-based CTA seeks to take advantage of coming volatility[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: An emerging manager has just set up his one-man shop in the city of Detroit. Synchronicity Futures,

  2. Opalesque Exclusive: When the SEC calls, fund managers need to get out of their own way[more]

    Bailey McCann, Opalesque New York: New pressure is hitting alternative investment funds from all angles. So far this month both hedge fund and private equity players have seen enforcement actions, and subsequent fines over fees, disclosures, and misleading statements. Citi one of the biggest

  3. Fortress hedge fund manager David Dredge says markets trouble on the way[more]

    From AFR.com: David Dredge of global hedge fund Fortress has built a career studying, predicting and protecting against the world's major financial crises. The recent convulsions in global sharemarkets are "just the beginning" of a painful adjustment as money drains from the emerging market economie

  4. North America - Puerto Rico agency plans talks with hedge fund creditors[more]

    From WSJ.com: Puerto Rico’s Government Development Bank is planning to begin confidential debt-restructuring talks with hedge funds that own its bonds as early as next week, said a person familiar with the matter. The parties are set to discuss a plan under which the investors would lend additional

  5. Launches - BlackRock’s McKenna starts hedge fund with $270m, Ex-BlueBay fund managers Phillips, Fayman to launch hedge fund in 2016, Dallas lawyer, Wall Street-savvy doctor team up to form biotech-focused hedge fund[more]

    BlackRock’s McKenna starts hedge fund with $270m From Bloomberg.com: BlackRock Inc. has started an event-driven hedge fund one year after hiring Harvard Management Co.’s Mark McKenna to run the strategy. Global Event Partners, which seeks to profit from corporate events such as takeovers

 

banner