European fund managers fought long and hard to get a deal on a passport that will allow them to run funds in European Union countries without having to set up management companies in each location. Ucits IV, the rules that will bring in the change, was voted through the European Parliament in January and is expected to apply from 2011.
Ucits III, its predecessor, has been a huge success, having handed fund managers a bigger tool box to work with. This has enabled hedge fund managers to reach a wider investor base and traditional managers to offer hedge fund-style strategies in the regulated arena. This week we report on the first commodity trading adviser fund (CTA) to be offered in a Ucits format – a perfect illustration of convergence between traditional and alternative sectors.
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