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Part 1: Migration of the management company of a foreign UCI, a feasible but imperfect solution
With 3.520 undertakings for collective investment (UCIs) owning 1.898 billion Euros of assets under management as of April 15, 2010(1), Luxembourg remains the first-choice location in Europe to establish a fund, notably for its ability to balance investors’ protection and management’s flexibility, based on both an attractive regulatory framework and the tax environment.
Although the harshly debated draft Alternative Investment Fund Managers (“AIFM”) Directive has been delayed in its adoption, it makes little doubt that it will be implemented at some point by the end of 2010 – as it seems today(2). Then the questions are no longer “if” and “when”, but “what” and...
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