Just about everyone would like to make some amendments to the proposed EU regulations for the alternative investment industry, from hedge funds to governments, industry consultants and pension schemes.
The latest laments come from Mercer, the pension consultants, and their pension fund clients who agree the industry needs improvement and better supervision but call for Brussels to take a broader look outside the EU to see what is happening to the industry on a global regulation front.
Existing proposals are likely to be costly and complicated and could cause an exodus of managers from the EU, restricting investor choice of alternative managers. The lack of choice could have the undesirable outcome of limiting options for achieving returns, they say.
There is no lack of attempts to try to influence amendments. The UK is going its own way to work out proposals to iron out “deficiencies” in the draft directive according to financial services minister Lord Myners.
Tom Geraghty, Mercer’s European head of investment consulting, says it’s essential the new piece of legislation should dovetail with the work being done by other national and international bodies.
The chorus is growing daily. What would be good now is some singing from the same songsheet and a long listening time at Brussels.