Fri, Mar 29, 2024
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Opalesque UCITS intelligence

INDUSTRY LEADERS: Managing the new world under AIFMD : market analysis by KPMG, Alceda, Kepler Partners and BNY Mellon in Ireland

Friday, May 16, 2014

Managing the new world under AIFM

Feedback from leading practitioners collected at the Alceda Annual Investor forum on the 10th of April in Frankfort.

When it comes to the implementation of the AIFMD, in what way does the directive affect your job on a daily basis?

Manuela Fr¶hlich, Head of Sales Alceda: It is product development and the offering of products and gives us the chance as the Alceda UCITS platform or Alceda to onboard asset managers under the new directive and actually open them chances to globally distribute them. Managers are forced to decide on how they approach the European investors from a marketing perspective. Navigating the sophisticated marketing and distribution regimes for AIFs will be a key challenge.

Brian McMahon, Managing Director Business Development EMEA, BNY Mellon: I would certainly say it is a daily conversation. For your background information: BNY has about 27 trillion under custody, so you can imagine a lot of our clients have custody relationships with us and from an AIFMD perspective they are looking to push us in terms of how we are working with them and how we are working with our clients. A lot of our clients still require a bit of education.

We did a survey of our clients about 8-9 weeks ago. At that stage 81 % of our clients had yet to apply to the AIFMD. And if we look at where we are today and I look at the 27th of July coming quite quickly we have a massive network with our current clients to actually just onboard them and everyone moving in that time frame. It is a constant education process and client's engagement process around the models that they are going to employ them forward.

Georg Reutter, Kepler Partner: We have seen enormous inflows into UCITS, in particular the last 12- 18 months it is really becoming the brand that Brian McMahon has been talking about. And I think AIFMD for me and my business represents the next step in that process.

How it will sit alongside by the UCITS, it will be quite interesting. There will be for me an obvious way of how they sit next to each other. UCITS take the liquid strategies and AIFMD takes the less liquid strategies and I think that can be a very interesting mix for investors looking at it that way in the future.

Dr. Joachim Kayser, PwC: I spend exactly 33.3% of my working with AIFMD and I tell you why. We advise on high end institutional business and there now, like you mentioned, the alternative investments become increasingly interesting in this low interest environment. Real assets, alternative investments have become more important and that's even going to increase.

However the investment regulation is not the only aspect that has to be taken into consideration, there is as well taxation because most of these institutional investors, unless they are pension funds, insurance companies and CTA's are taxable. Another third of my time is consumed by tax structuring and compliance and the third and that is the next hill which is going to come is the investor regulation which governs these types of investors and that is currently the domestic insurance regulatory law in Germany.



 
This article was published in Opalesque UCITS intelligence.
Opalesque UCITS intelligence
Opalesque UCITS intelligence
Opalesque UCITS intelligence
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. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1