22 July 2014 : matching the final deadline for AIFMD!
About one thousand files have been reviewed by the FSA for agreement. Fund managers have considered the implementation of AIFMD as a painful long process questioning internal organizational structures.
Some managers consider AIFMD as a threat and others as an opportunity. In this edition, we publish a summary of the Alceda/Kepler’s survey. Conducted in May and June, the survey reflects the main issues faced by 56 fund managers representing $300 billion of assets and located in Asia Pacific, Europe and the US. 47% of them stated in May that they did not filed yet under AIFMD. 32% considered they were already compliant.
Without filing, raising assets across Europe requires to have strong legal advises on where to go, which country to apply still for Private Placement (due to expire in 2018) and what each national regulatordefines by « passive marketing. AIFMD is the only long term passport to Europe, either with a direct licence or assigning an external managers.
In this edition, we continue to explore the specificities of certain European markets. After Switzerland, we explore France to assess market opportunities versus local constraints.
Finally, allocations to Hedge Funds continue to increase. According to HFR Research:
"The inflow of $56.9 billion in the first half of 2014 increased total hedge fund industry capital globally to over $2.8 trillion, surpassing the previous record of $2.7 trillion from the prior quarter. The HFRI Fund Weighted Composite Index gained +3.2% for 1H, led by gains in Relative Value Arbitrage and Event Driven strategies."
Wishing you a productive and pleasant summer break!
Sophie van Straelen
About your editor: Sophie van Straelen and Asterias Ltd: Sophie van Straelen started her professional career in investment banking spanning derivative markets and hedge funds. Her 12 year experience in investment banking provided a strong base to found Asterias Ltd, the consultancy located in London, specialised in delivering strategic insight in distribution for service providers and hedge fund managers. Listed in 2009 by EFinancial News as one of the top 100 most influential women in finance in Europe, she is a recognized, valuable and independent source of analysis for the media, lobbying groups and investors.