Alternative Ucits shaken by regulatory changes

Future direction of travel for alternative Ucits unclear

Just as hedge fund managers were breathing a sigh of relief, having negotiated with regulators to secure changes to some of the more restrictive parts of the alternative investment fund managers (AIFM) directive, the European Securities and Markets Authority (Esma) threw a curveball by publishing its final guidelines for Ucits funds.

This has upset some parts of the industry that believe the guidelines could have an adverse impact on alternative Ucits, in particular those running managed futures

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