Nearly 200 fund managers and advisers attended a Guernsey event
in London last week to hear the practical aspects of implementing
the Alternative Investment Fund Managers Directive (AIFMD).
The event, 'AIFMD: Practical aspects of implementation',
was held on Tuesday 5 November at the recently refurbished Rosewood
Fiona Le Poidevin, Chief Executive of Guernsey Finance, the
promotional agency for the Island's finance industry, said:
"AIFMD has dominated a large proportion of the coverage
relating to the European funds industry over the past couple of
years but the deadline for EU and EEA Member States to transpose
the provisions of AIFMD into national law was 22 July this
"Now we are able to look at the practical aspects of
implementation, including examples of the types of structures that
are emerging. However, there remains a degree of uncertainty and
many investment houses - especially those not required to act yet -
are hanging back and waiting to see how the environment surrounding
"The event clearly demonstrated that many managers and
their advisers are well aware of Guernsey's unique position as
a third country which has developed a regulatory regime that allows
us to service our global client base - both business which does and
does not touch the EU - in a very bespoke and pragmatic
Ben Morgan, Partner at Carey Olsen, moderated the panel session and
also provided an overview of AIFMD and how it relates to
John Newlands, Head of Investment Trust Research at Brewin Dolphin,
said: "I am extremely impressed that representatives from
Guernsey's finance industry have taken the trouble to come to
London to stage this informative event. It's far easier to get
a handle on these technical issues face-to-face."
As well as discussing the most appropriate route to market and
summarising Guernsey's AIFMD offering, other topics covered at
the event included portfolio and risk management, bilateral
discussions on private placement and Guernsey as a depositary
centre of excellence.
Nik Hood, Head of Investment Funds in London at BC Partners,
which has an operation in Guernsey, said: "It reinforced how
undefined everything is. It was quite useful to hear that the
professionals are also uncertain of all the details. It's just
a case of being patient."
The event took place from 4pm on Tuesday 5 November 2013 in the
Grand Ballroom of Rosewood London and was followed by a drinks
reception at 6pm. Northern Trust and Ipes were event sponsors.
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