Asset managers unprepared for EU directive, says poll

3 November 2010

A new survey has indicated that the UK asset management industry is failing to make provisions for the Alternative Investment Fund Managers Directive (AIFMD).

Research by PricewaterhouseCoopers (PwC) discovered that just two per cent of asset managers currently have measures in place to address the proposed legislation, which will see hedge funds placed under the supervision of an EU-wide regulator.

The poll also found that only 16 per cent of asset managers have established working groups to consider the impact of the directive, which has faced opposition from industry groups.

"Asset managers and service providers are going to have to step up their responses significantly," said James Greig, a partner at PwC Legal.

He described the current lack of planning for the directive among fund managers as "surprising".

A new draft version of the AIFMD will face a vote of approval at the European Parliament's plenary session on November 11th. If it succeeds, EU member states will be required to implement the directive by 2013.

By Asim Shah

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