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Benedicte Gravrand, Opalesque Geneva:

The European Alternative Investment Fund Managers Directive (AIFMD) continues to pose significant challenges for US managers soliciting European investment. It would be advantageous for them to conform to the Directive and thereby gain access to institutional investors within the EU, most notably pension funds and insurers, who are increasingly investing in more rigorously regulated alternative investment funds (AIFs). But many chose to sit tight.

Changing UCITS rules The UCITS structure is an easier way to access European investors for now. But rules are changing there as well, and the EU’s latest update, the UCITS V Directive, takes effect from March 2016.

The fifth iteration of the Undertakings for Collective Investment in Transferable Securities Directive (UCITS V) is a modest measure, says SuMI Trust, a fund accounting and administration provider, in a recent paper. Though it seeks to enhance investor protection, its measures add to the rules specified in UCITS IV rather than replacing or intensifying them.

UCITS V is unlikely to dent the steady growth of the overall UCITS market, where the value of assets under management measured by the European Fund and Asset Management Association (EFAMA) has more than doubled in the last four years from €5,921 billion in February 2011 to €12,251 billion at the end of February......................

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