AIFMD passport denial will impact Asian managers most

Hedge fund industry decries Esma's shutting of door on most offshore funds


Europe's decision not to grant a universal marketing "passport" under the Alternative Investment Fund Managers Directive (AIFMD) will cause offshore hedge funds to reconsider their relationship with the continent, according to those working in the industry.

The European Securities and Markets Authority (Esma) conducted a country-by-country assessment of non-European Union jurisdictions, looking at regulatory issues such as investor protection, competition, potential market disruption and the mon