Hedge Funds Publications

• AIFMD News: Continuing engagement remains crucial

On 13 July, the European Securities and Markets Authority (ESMA) issued its consultation paper on possible implementing measures of the AIFMD. This was followed by a further consultation paper, issued on 23 August, dealing with third country issues.
The objective of this client AIFMD News is to outline some of the main issues raised by the consultation papers and to indicate where important issues are still unaddressed or where the policy proposals give rise to concern.

• Improving hedge fund infrastructure - From cost to benefit

With investor appetite for hedge fund strategies increasing, high- quality infrastructure will benefit managers by preparing them for the next stage in their growth.
Hedge fund investors, legislators and regulators are seeking improved governance, controls and transparency. Strong infrastructure is critical. These demands are raising industry standards, and having the right people, repeatable processes and scalable technology has become more important than ever.
This paper outlines why stronger hedge fund sector infrastructure is essential and discusses what this involves and the benefits it will bring.

• The place for listing Alternative Investment Funds

PwC Luxembourg in collaboration with the Luxembourg Stock Exchange released the “The place for listing Alternative Investment Funds”. This brochure examines three major components of alternative investments, i.e. hedge funds, private equity and venture capital funds and real estate funds, and their benefits to be listed in Luxembourg.

• AIFMD News: The lull before the storm

A delay to AIFM Directive legislative progress should not be seen as a reason to delay preparations for its impact - industry needs to take action now.
The European Commission (EC) has pushed back the response date for the advice from the European Securities and Markets Authority (ESMA) to November 2011. In addition, Switzerland’s Federal Council has urged legislators and regulators to begin preparing for AIFM Directive.

• 10th annual alternative investments seminar highlights

PwC recently held its 10th annual alternative investments seminar series across the country and internationally to explore the challenges facing the industry now and in the coming decade. The attached publication captures highlights from the seminar and provides insight into the key trends and developments discussed at the seminars.

• AIFMD – Impact on Service Providers

The Alternative Investment Fund Managers Directive (AIFMD) subjects managers of alternative investment funds (AIFs) to compulsory regulation in the EU and will require significant modifications to the structures, strategies and operations of fund managers and funds in the non-UCITS sphere and will also directly and materially affect those who service this industry.

• From black box to open book
  Hedge fund trust and transparency

Our view, validated by conversations with Europe’s hedge fund investors, regulators, managers and other industry participants.

• A second wind: the regulation, taxation and distribution of hedge funds around the globe

The last few years have been challenging ones for hedge funds, with reduced returns and assets being coupled with an unrelenting focus on the hedge fund industry as a whole by investors, regulators, tax authorities and indeed the general public. With the advent of the crisis, regulators are also in the process of introducing more stringent tax and regulatory measuresare also in the process of introducing more stringent tax and regulatory measures.

• Why and How Listing Hedge Funds and Alternative Investment Products in Luxembourg

Seizing the opportunities offered by the capital markets

In the current business and regulatory environment, entering the international capital markets is a challenging task as selecting the right location, structure and timing requires insight and experience. Can you navigate this environment efficiently and have you considered the benefits connected with the listing of securities on the Luxembourg Stock Exchange, which is widely recognised as a prime listing location for alternative investment products?

• Future Newcits regulation?
  Our view, informed by conversations with regulators

Who would have thought a year ago, following the credit crunch, that there would now be such a large number of UCITS hedge funds, known as Newcits, encompassing almost the full range of investment strategies? There are not only relatively simple longshort equity funds but also more complex macro, arbitrage and commodity vehicles.

• Luxembourg Hedge Funds

Before launching a Hedge Fund, a set of questions questions will have to be answered that are essential to assessing whether the development of alternative investment products properly reflects the strategy and operational philosophy of the Investment Management firm.

This guide is intended to help identify and assess the implications of your choice and thus provide you with the concrete first steps you can take.

• The Hedge Funds Leadership Team

Our Hedge Funds Leadership Team is part of the PricewaterhouseCoopers Global Alternative Investment Management Industry Group, which comprises teams of industry specialists who advise alternative investment managers in all aspects of their business developments.