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Komfie Manalo, Opalesque Asia: Reverse solicitation is like a unicorn that is a very pretty concept but
not really existing in reality, said Joey Garcia, a funds partner at Isolas, the
oldest law firm in Gibraltar.
Speaking during the recent Opalesque Gibraltar Roundtable, Garcia
said, "Many times when speaking to non-E.U. managers, we hear about the
potential reliance on concepts like reverse solicitation or existing
private placement regimes etc., but our view is that these are very
short-term solutions. Reverse solicitation in itself is something that I
have heard as being described as a unicorn, very pretty in pictures but
not really existing in reality."
Private placement to be phased out
He continued that private placement is probably going to be phased out,
and it has been proposed that this would happen by 2018. Garcia
explained that after 2018, U.S., Hong Kong, Geneva or Zurich-based
managers with clients in London or Madrid must need a solution that
enables them to enter that market and engage with their clients.
"We have seen the evolution in that space as being through what I
loosely call platform providers. These are providers that they are able
to offer you the full AIFM infrastructure. We are also looking at
delegating functions like portfolio management and risk management, and
that seems to be the trend that people are following. There are a number
of...................... To view our full article Click here
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