KEYWORDS: AIFMD, ESMA, EU, European Union, European Commission, hedge funds, Hedge Fund Managers, UCITS, Survey, Private Equity, despositary costs, remuneration, Off Shore Hedge Funds, Liquidity, liquidity risk, MiFID, AIFM, OTC derivatives, prime broker, reporting requirements, regulatory requirements, redemption terms, transparency, leverage
Stuart Opp, Mike Hartwell, Cary Stier
The Alternative Investment Fund Managers Directive (AIFMD) was born out of the financial crisis and drafted amid a storm of controversy that continues to rage. For the first time, managers of non-UCITS funds, both onshore and offshore, will be required to seek authorisation under a new and comprehensive EU regulatory framework with far-reaching business consequences.
As organisations prepare for the new regime, Deloitte conducted a survey of UK-based investment managers from across the hedge fund, private equity and real estate sectors, to determine how they plan to respond. The results provided key insights into the industry approach to AIFMD, from implications for the market landscape, product development and distribution strategies to views on detailed implementation issues.