Hedgies plot new directive

REPRESENTATIVES of the hedge fund industry will this week put forward an alternative to the European Commission&rsquo;s (EC) alternative investment fund managers (AIFM) directive, which they say would devastate Europe&rsquo;s hedge fund industry. <br /><br />The Alternative Investment Managers&rsquo; Association (Aima) has been leading lobbying efforts to revise the directive and believes that it has secured sufficient support in Europe for changes to the EC&rsquo;s plans.<br /><br />Aima will now focus its attention on proposing an alternative and is expected tourge Brussels mandarins to focus on increased disclosure and registration of fund managers.<br /><br />A source close to Aima said: &ldquo;We are at the business end of the campaign now.&rdquo;<br /><br />He said the organisation believed it had won the debate about whether the directive should be revised and was now redoubling efforts to lobby for a revamped version.<br /><br />Aima chief executive Andrew Baker said last week that he expected &ldquo;significant revisions&rdquo; to the directive.&nbsp; <br /><br />CityA.M was the first newspaper to campaign against the directive.