Daily Archives: October 1, 2009

Pauline Skypala

It seems the European Commission has vanishingly few supporters of its proposed directive on alternative investment fund managers.
Reporting back from a Eurofi conference in Sweden, at an Efama one in Brussels, Eddy Wymeersch, chairman of Cesr, says eight of ten people on the panel discussing the issue in Sweden thought the draft needed major revision. There is particular concern about its scope. It appears sovereign wealth funds could fall within the remit of the AIFM – which would be nonsensical, according to Mr Wymeersch.
There should be different regimes for different types of funds, he says.
Will the Commission accept it has got this one wrong? Or is it determined not to back down?
When it was just the alternative investment industry complaining and threatening to leave for friendlier shores, the Commission perhaps took the view this was vested interests talking and who cared if the hedgies left for Switzerland?
With a growing chorus of dissent from investors and regulators, does the case for re-examining the proposed legislation get stronger?

About the blog

FTfm is no longer updated but it remains open as an archive.

FTfm's specialist writing team offer their insights into the global fund management industry.

About the authors

Pauline Skypala has been editor of FTfm for four years having previously been deputy personal finance editor. She joined the FT in 1999 and has been writing on savings and investment issues throughout her career.

Steve Johnson, FTfm deputy editor, has been a journalist for 17 years, 10 of which have been with the FT.

Sophia Grene, reporter on FTfm, has been a financial journalist in print and online for 12 years.

Ruth Sullivan has worked as a financial/business journalist and foreign correspondent and for the past 10 years has been at the FT.