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By Beverly Chandler, Opalesque London:
In the second piece drawn from a recent round table discussion organized by Advent Software and moderated by Thomas Zdon of that company, a group of hedge fund practitioners discussed the impact of the AIFMD on hedge fund managers and general asset managers.
Present at the meeting were Natalie Westerbarkey, Citi (VP Securities and Fund Services, Capital Markets and Banking); Bill Scrimgeour, HSBC (Global Head of Regulatory & Industry Affairs, Institutional Fund Services); Joan Kehoe, Quintillion (Founder & CEO); Rhodri Mason, MAN Investments Ltd (Head of UCITS Management) and Tom Kirkpatrick, GlobeOp (Managing Director, Enterprise Risk Management).
Westerbarkey stated that the AIFMD legislation will make in increasingly difficult for non-EU managers to do business in Europe. "They will have to first consider if they want to market their funds across Europe and until 2015 at least can continue to use the private placement regime through national channels" she said. "Non-EU managers, however, will need to register a reference entity here in Europe in one of the Member States. It may be quite difficult for them to compete with European managers, nevertheless, because EU managers will be benefiting from the opportunity to apply for a European passport, the AIFMD version of what is in place for UCITS funds. Non-EU managers will not be able to apply for such passport until at least until 2015 at the earliest."
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