Directive on Alternative Fund Managers will apply to all non-Ucits products and could lead to overhaul or closure of some funds
More than 1,000 retail investment funds fall under European Commission proposals designed to create a set of rules governing currently unregulated vehicles like hedge funds. The Directive on Alternative Fund Managers may result in some UK Oeics and unit trusts having to radically change their portfolios or in a worst case scenario close all together. Data provider Lipper estimates the proposals in their current form affect over 1,000 UK-distributed products and the IMA says non-Ucits funds run by its members had assets under management of £15bn as at the end of 2008. If it comes in...
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