Impatience with the AIFMD continues to drive
hedge-fund managers to invest in Ucits.
"AIFMD is not clear enough," said Laurent Fessman,
a Luxembourg-based partner at Baker McKenzie. "Hedge fund
managers don’t want to wait until there is more
clarity on the AIFMD when they can use Ucits to replicate what
they would have done."
Interest in the evolution of Ucits is
understandably high in Luxembourg, which accounts for 30% of
the collective investment market, with net assets under
management totalling €2,198bn.
The European Fund and Asset Management Association
(EFAMA) published a report on May 16, covering the investment
strategies of Ucits, specifically the so-called "Newcits"
EFAMA concluded that the Ucits legislation provides a robust