Hedge funds excluded from Ucit-qualifying portfolios

Hedge funds are to stay off limits for Ucit qualifying funds under the directives passed by the European parliament earlier this year.

Jacques Elvinger, partner at Luxembourg law firm Elvinger, Hoss and Prussen, told a Rothschild conference in Madrid at the end of May that the recent updates to the Ucit directive have extended the ability of portfolios to invest in other funds. It moves from a previous limit of 5% of their NAV to 100% if necessary.

The directive could be seen as a blow for Europe

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