Articles By Topic
By Topic: AIFM Directive
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From Vol. 5 No.5 (Feb. 2, 2012)
The Changing Face of Alternative Asset Management in Switzerland
Switzerland is the third largest global centre of alternative asset management, after North America and the United Kingdom. Around three times the size of Connecticut, the small, central European country boasts approximately 15% of global assets under management. In a guest article, Matthew Feargrieve, leader of the Funds and Investment Services practice in the London and Zurich offices of Appleby, examines the composition of the Swiss alternative asset management market, focusing on single managers and managers of funds of hedge funds (FoHFs); reviews the current and prospective regulatory environment in Switzerland for each type of manager; and assesses the country’s future generally as a centre of alternative asset management against the backdrop of economic austerity and regulatory zeal in Europe.
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From Vol. 5 No.5 (Feb. 2, 2012)
Marketing Hedge Funds to European Union Investors in the Post-AIFMD Era
On January 26, 2012, K&L Gates LLP (K&L) hosted a webinar entitled, “Marketing Hedge and Private Funds in Europe” (Webinar). The purpose of the event was to provide information about the European Union (EU) Alternative Investment Fund Managers Directive (AIFMD), a new law that significantly impacts, among other things, the marketing of hedge funds and other private funds in Europe so that fund managers can proactively evaluate their fund structuring and marketing options. The Webinar principally focused on: (1) structures for accessing European retail, institutional and other investors via public and private offering; (2) the impact that the AIFMD is anticipated to have beginning in 2013; (3) the survival of the current private placement regime after the AIFMD becomes effective; (4) advantages and disadvantages of establishing EU-domiciled funds and EU-authorized subsidiary operations; (5) the process of becoming EU-regulated; (6) consequences of a collapse of the euro or a country’s departure from the euro zone; and (7) points of consideration for managers with euro-denominated share classes or underlying euro swaps and other exposures. The Webinar was conducted by K&L partners Martin Cornish and Mark Perlow. This article provided a comprehensive synopsis of the Webinar.
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From Vol. 4 No.42 (Nov. 23, 2011)
Speakers at Walkers Fundamentals Hedge Fund Seminar Provide Update on Hedge Fund Terms, Governance Issues and Regulatory Developments Impacting Offshore Hedge Funds
On November 8, 2011, international law firm Walkers Global (Walkers) held its Walkers Fundamentals Hedge Fund Seminar in New York City. Speakers at this event addressed various topics of current relevance to the hedge fund industry, including: recent trends in offshore hedge fund structures; hedge fund fees and fee negotiations; fund lock-ups; fund-level and investor-level gates; fund wind-down petitions and the appointment of fund liquidators; corporate governance issues; D&O insurance; fund manager concerns with Form PF; and offshore regulatory developments, such as proposed legislation requiring registration of certain master funds in the Cayman Islands, the EU’s Alternative Investment Fund Manager (AIFM) Directive and the British Virgin Islands (BVI) Securities & Investment Business Act (SIBA). This article summarizes the key points discussed at the conference relating to each of the foregoing topics and others.
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From Vol. 2 No.39 (Oct. 1, 2009)
Open Europe Survey Finds that Proposed AIFM Directive Would Impose Substantial Compliance Costs on Hedge Fund Industry
During August 2009, the independent think tank Open Europe conducted two surveys of hedge fund and private equity fund managers to assess the potential impact of the European Union’s (EU) proposed Alternative Investment Fund Manager (AIFM) Directive on their industries. (For a more detailed analysis of the AIFM Directive, see “Andrew Baker, CEO of the Alternative Investment Management Association, Discusses the AIFM Directive, UK Tax, Short Selling and Other Topics with The Hedge Fund Law Report,” The Hedge Fund Law Report, Vol. 2, No. 29 (Jul. 23, 2009); “AIFM Directive: Loosening the Regulatory Noose,” The Hedge Fund Law Report, Vol. 2, No. 24 (Jun. 17, 2009); “Directive on Alternative Investment Fund Managers Likely to Occasion Substantial Ongoing Debate Over the Appropriate Scope of Regulation of European Hedge Fund Managers,” The Hedge Fund Law Report, Vol. 2, No. 19 (May 13, 2009).) The respondents, primarily based in the United Kingdom (U.K.), included 121 hedge fund managers and fund of funds managers representing $342 billion in assets under management and 41 private equity fund managers, representing funds under management of over $204 billion. In September 2009, Open Europe released its survey findings and recommendations in a report, entitled “The EU’s AIFM Directive: Likely impact and best way forward.” Among other things, Open Europe found that the Directive would impose ongoing compliance costs of between €689 million and €985 million on the hedge fund industry, as firms act to comply with the new rules. This article examines the most salient findings from the report, including its analysis of the benefits and costs of the AIFM Directive and its criticisms of the current proposal.
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