Asset managers say new euro rules are a threat to business

 
Michael Bow
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RULES governing alternative investment firms will shut the door on overseas fund managers operating in London and make Europe less competitive, a major study of UK asset managers finds today.

The Alternative Investment Fund Managers Directive (AIFMD) will be implemented by European policymakers next July to regulate private equity, hedge fund and real estate managers. But 72 per cent of UK fund managers say it is a threat to business and will lead to “Fortress Europe”, with more protection and less competition.

The survey, from consultants Deloitte, found a further 68 per cent believe the directive will reduce Europe’s competitiveness

Deloitte partner Stuart Opp said the directive was “controversial”. “For many respondents it will add cost for marginal benefit,” he said.