Mon, Sep 22, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Opalesque UCITS intelligence

INDUSTRY ANALYSIS: Ready for AIFM ? Alceda/Kepler survey - May/June 2014

Monday, August 18, 2014

AIFMD : Are your ready? Latest research report published by KEPLER-ALCEDA Research

Alceda Fund Management S.A. and Kepler Partners LLP conducted a survey in May/June 2014 among the global alternative fund manager community. The 56 correspondents collectively manage $300 billion under management representing firms in Europe, Asia-Pacific and the USA. The objective of the survey explains Georg Reutter at Kepler Partners, is to assess the key issues of investment fund managers and the potential opportunities AIFMD may bring.

Key findings:

Are you ready for the AIFMD? only 32% said they were already compliant
- 19% said they planned to submit before the 22 July 2014
- still 13% remained undecided

• European managers responding were generally perceived as better prepared compared to other managers in other locations possibly more blindfolded

• 17% of managers surveyed said they preferred to keep the UCITS route, even for Institutional investors

• Biggest issues on AIFMD raised:
- Depositary costs, remuneration and the end of private placement

• Main benefits:
- 40% of respondents sees AIFMD providing a larger EU wide distribution and an increased investor confidence

Best routes for distributing across Europe: Alceda viewpoint

Since July 22nd, managers have in hands either AIFs, or UCITS or still use the National Placement Regime, in place until 2018. As Alceda explains in its survey, using the remaining Placement Regimes seems a relatively easy option, but nevertheless requires significant paper work to document activities to local regulators. Passive marketing also called « Reverse solicitation » is possible but might be a painful exercise if not done properly.

A manager has the option to obtain his own AIFM licence or assign an external party. The first option might prove to be costly and choosing an external distributor would sa good alternative for Europe. Therefore, as Michael Sanders, CEO and Chairmanof the Board of Alceda Fund Management S.A outlines: Foreign managers must ask themselves how they wish to enter the European market.



 
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. SEC charges 19 investment firms and one trader for breach of Rule 105[more]

    Benedicte Gravrand, Opalesque Geneva: The Securities and Exchange Commission (SEC) started a push to enhance the enforcement of Rule 105 of Regulation M last year to uncover hedge funds and private equity firms that have illegally participated in an offering of a stock after short selling it duri

  2. Fund managers, bullish on Europe, anticipate monetary policy separation of Fed and ECB[more]

    Komfie Manalo, Opalesque Asia: At least 202 fund managers with $556bn of assets under management said that while the European Central Bank (ECB) has eased its monetary policy that sent sentiments towards Europe to pick up, the Fed is expected to hike its rate in the spring of 2015. Investor

  3. Institutions - North Carolina workers call on state pension to dump up to $6bn in hedge funds, UK pension fund criticizes hedge fund fees[more]

    North Carolina workers call on state pension to dump up to $6bn in hedge funds From Forbes.com: The State Employees Association of North Carolina this afternoon called on state Treasurer Janet Cowell to withdraw all investments in hedge funds, which appear to amount to approximately $6 b

  4. News Briefs - Limited partners of investment managers may be subject to self-employment taxes, Just one week left until NYC's Rocktoberfest[more]

    Limited partners of investment managers may be subject to self-employment taxes On September 5, 2014, the Internal Revenue Service (“IRS”) issued Chief Counsel Advice 201436049, concluding that members of an investment manager were subject to self-employment taxes with respect to their e

  5. Institutions - Adviser's faith in hedge funds unshaken by CalPERS' move Advisers weigh in on CalPERS’ decision, Gina Raimondo sees no reason to follow California’s lead, exit hedge funds, Danish pension funds step up 'alternative investments'[more]

    Adviser's faith in hedge funds unshaken by CalPERS' move From WSJ.com: Financial advisers who use hedge funds in their clients' portfolios say they aren't rethinking that approach after a huge California pension fund announced plans to exit the hedge-fund market. The decision by the Cali