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Andrew McCaffery Benedicte Gravrand, Opalesque Geneva:

To what extent have UCITS become a new home for most hedge funds? Participants note during the recent Opalesque UK Roundtable that even though the UCITS fund structure is becoming a lot more popular among investors and is set for further growth, it will not likely replace the offshore fund structure. Liquidity considerations, tactical opportunities, and individual investors’ needs will greatly participate in the growth of the UCITS universe.

Over the last few years, many European investors have shown a clear preference for the UCITS fund structure, says Dr. Ana Cukic Armstrong, CEO of Armstrong Investment Managers, a macro asset manager. "One of our flagship funds is a qualified investor fund, Dublin registered, but the whole UCITS preference goes to the point that some of the investors are seeding a UCITS mirror version of our Qualified Investor Fund in Switzerland," she adds.

A few years ago, one could be thinking the UCITS structure was only a passing fad, she comments. Now it is different. Now she wonders if that structure has actually become a new home for most hedge funds.

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