We do have a clear plan

Author: | Published: 1 Jul 2009

Nicholas Pettifer
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...