By Citi Investor Services This article gives the key findings from Part 2 of “The 2014 Citi Investor Services 5th Annual Industry Evolution Report”. The factors driving change in the hedge fund industry are shifting. For the five years since the Global Financial Crisis, major industry evolution occurred primarily in response to a […] Read more »
An Operating Model For An AIFMD Depositary
By Shane Brett of Global Perspectives and Alan Meaney of Fund Recs Introduction This whitepaper is co-authored by Shane Brett, Managing Director at Global Perspectives, an Asset Management and Hedge Fund consultancy and Alan Meaney, Director at Fund Recs, a specialist software provider to the Funds Industry. During the past six months Shane and […] Read more »
Activity-based Regulation Moves Into Focus
By The Regulatory Fundamentals Group The head of the European Securities and Markets Authority (ESMA) recently gave a speech (here) addressing potential systemic risk in the asset management space and saying that this risk will be a priority for ESMA. That is not remarkable. Here is what is remarkable: He noted that asset management […] Read more »
LLP Members Now Have The Right To Be Automatically Enrolled Into Pension Saving
By Sackers* Limited Liability Partnerships (“LLPs”) should heed the recent Supreme Court decision in the Clyde & Co v Bates van Winklehof case says Ferdinand Lovett, associate at Sackers, the UK’s leading law firm for pension scheme trustees and sponsors. The Supreme Court ruling confirms that members of an LLP can be “workers” for the purposes […] Read more »
The New Rules For Distribution of Funds in Switzerland
Anne-Cathrine Frogg Spadola, Partner at Hugo Fund Services SA The main changes following the revision of the Swiss Law with a focus on distribution targeting qualified investors The Swiss law on Collective Investment Schemes (CISA) has been revised and came into effect in March 2013. The objective of this revision was to adapt […] Read more »
More Disputes Likely As LLPs Are Now Protected by UK’s Whistleblowing Legislation
By Darren Isaacs, Partner at GQ Employment Law In a turning point for employment rights of partners in limited liability partnerships, the Supreme Court ruled today in Clyde & Co LLP and another v Bates van Winkelhof. This case could be a pivotal for the employment rights of partners in limited liability partnerships, effectively […] Read more »
Investment Managers Behind The Curve On FATCA As April Deadline Looms
By Hedge Fund Insight staff Although the Foreign Account Tax Compliance Act (FATCA) has received significant attention within the asset management industry for many months, and the initial Foreign Financial Institution (FFI) registration deadline is just one month away, a paper released today by SEI shows that many investment managers are still coming to grips […] Read more »
Depositary-lite and the challenge of implementation
From Grant Thornton Under the requirements of the AIFMD, UK and other EU hedge fund managers that wish to market their non-EU, offshore hedge funds to EU investors through private placement, will need to comply with the “depositary-lite” regime. The depositary-lite regime requires one or more firms to be appointed to perform a number […] Read more »
Do You Need to Make Changes to Your UK LLP Agreement?
By Steven Whittaker and Nicholas Fagge, Schulte Roth & Zabel LLP Background In May 2013, HM Revenue and Customs (“HMRC”) consulted on proposals in two areas to tackle perceived tax avoidance via partnerships. The first area was disguised employment in Limited Liability Partnerships (“LLPs”) and the second was the tax-motivated allocation of business profits […] Read more »
FCA Rules Sensibly On Capital Requirements Under The AIFMD
From Kinetic Partners Andrew Lowin , Technical Director of Consulting at Kinetic Partners, the global professional services firm, comments on the FCA’s decision to give UK AIFM’s a reprieve on capital requirements under the AIFMD; “The FCA has been working with the AIFM industry to better understand the impact of their Funds Under Management […] Read more »