Wednesday, 6 May 2015
Last updated 16 min ago
Dec 15 2010 | 8:39am ET
The majority of the 100 alternative assets fund managers and investors polled by the Preqin research group harbor “significant resentment” against the EU’s new rules for alternative investment fund managers.
A number of concerns were raised repeatedly by respondents, said Tim Friedman of Preqin, including “lack of differentiation between the asset classes, the negative impact liquidity requirements will have on innovation, and the fact that the legislation has been constructed by politicians with little or no understanding of the alternative assets industry. Perhaps most of all, there is a feeling that alternative assets firms were not responsible for the financial crisis, and that the new legislation will create significant extra burden while not serving to enhance the stability of financial markets.”
The Alternative Investment Fund Managers Directive was adopted by the EU in November 2010. It is expected to come into effect in the first half of 2011, after which EU member countries will have two years to adopt its provisions.
One third of respondents expressed some support for the directive, particularly those in countries—like Italy—where existing laws are more restrictive than those to be imposed under the directive.
Preqin reports that 89% of respondents believe the directive should be amended to take into account differences between asset classes (it will apply to hedge funds, commodity funds, private equity funds and real estate funds).
Another 45% think fund managers will relocate outside of Europe as a result of the new rules and 26% felt their own firms were likely to relocate.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…