During February 2013 over 75 hedge fund chief operating officers took part in a series of AIFMD discussion groups initiated and moderated by Bill Prew of INDOS Financial. Following the sessions a large number of the attendees completed a survey, the results of which have been covered by HFM Week.
Whilst there are clearly frustrations that many of the requirements are not yet final only 4 months before the July implementation date, the hedge fund community is now actively engaging in AIFMD and working out how to implement in their organisations.
The results demonstrate many managers are intending to comply with the directive, rather than attempt to structure around it, although the majority expect to wait until 2014 to apply to the FSA to vary their permission. One of the biggest areas of concern is the impact the directive will have on a firm’s ability to market to EU professional investors, and whether what has been accepted as reverse solicitation in the past will be acceptable going forward.
Click on the link below to download the full survey results and industry comment.