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When Ucits funds were first introduced 25 years ago, Luxembourg was quick to seize on the opportunity. Its fund industry recognised the potential for a standard set of rules to cover the gamut of funds worldwide and the desire of investors and distributors for standardisation and comparability. The Grand Duchy now has about 12 per cent of the Ucits funds industry. Can it replicate this success in the alternative funds arena? The prevailing conditions are in favour of Luxembourg: it excels in interpreting and implementing new regulation, so the forthcoming Alternative Investment Fund Managers Directive (AIFMD) could allow it to break into the alternative funds sector for the first time. Of course, it already has some presence. Already, nearly 4 per cent of alternative assets worldwide...
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