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Bailey McCann, Opalesque New York:

Changes in how private funds are regulated in Germany could pave the way for greater adoption of the AIF scheme, according to delegates at the recent Opalesque Frankfurt Roundtable. "I would dare to predict that in three years the "AIF-Brand" that is now available for alternative investment strategies will reach a comparable acceptance and positive reputation like UCITS today," said Claus Hilpold, CFA, CAIA, Managing Partner, Polaris Investment Advisory. Polaris provides hedge fund marketing services in Germany and Switzerland.

The AIF structure is gaining traction with some investment managers who want to avoid the UCITS wrapper, or that have strategies that might not fit as well into the UCITS framework. Early moves by regulators seem to indicate at least a willingness to look at this reality and make it easier for some investors to access this fund structure.

"What we see right now is that the administrative guidance on the investments of insurance companies has just been altered at the end of March 2015. AIFs with very few restrictions are now allowed to raise up to 7.5% of the committed assets of an insurer. That is quite a change compared to the past," explains Steffen Gnutzmann, Partner, WTS. Gnutzmann is a lawyer with WTS, a firm that provides tax and regulatory compliance services in Germany.

"The question is whether the investors are equ......................

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