Senior staff writer
Lawyers are complaining to IFLR that the Alternative
Investment Management Association's (Aima) attempts to lobby
against the draft European Alternative Investment Manager
Directive is unstructured and will fail.
"Aima has whipped things up way too far. It's overplayed its
hand and is in danger of losing its voice as a result," says a
regulatory partner in London. "It is high-level grandstanding
with no intellectual basis. It is a danger to the London market
and wastes government time."
Last month it was revealed that Aima is heading a steering
committee to petition against the new rules. Several hedge
funds have signed up to the committee including BlackRock,
Brevan Howard, CQS, DE Shaw, Fauchier Partners, Landsdowne
Partners, Man Group and Marshall Wallace. But many feel the
group lacks a clear focus. It is self-evidently irritated by
the Directive, but without specific detail.
"It seems to be adhering to...