Retreat from Europe no option
With 65% of the interviewed asset management firms headquartered outside Europe, only one of 200 respondents expects his organisation to cease marketing their alternative investment funds in Europe as a consequence of the AIFMD. Another 3.5% think they will continue to distribute offshore alternative investment funds in Europe via European private placement regimes.
Eyes on investors
The majority (62.5%) are taking a wait-and-see approach, saying they will see how investors respond to the implementation of the directive. 15% of respondents say they expect their firm to get an AIFMD passport as soon as possible, some of these choosing to re-domicile their offshore funds to Europe (4.5%).
3.5% are looking to circumvent the AIFMD by distributing offshore alternative investment funds via European private placement regimes. The remaining 18.5 percent expect their alternative investment funds to be restructured into Ucits-compliant funds.
Even though asset managers seem not to have sleepless nights about the impact of the AIFMD, EIU’s research shows that asset managers consider the approach of the local regulator to the AIFMD as the single most important legal and regulatory factor when choosing a European fund domicile.