Managers Need To Take A Multi-Adviser Approach

Although the AIFM Directive is uniform EU-wide regulation each member state is likely to adjust its national private placement regime rules idiosyncratically. For managers of non-EU funds, therefore, it's important that they are clear on the rules if they intend to continue marketing to Europe.

"Where managers have Cayman funds they need to talk to their European advisers in the relevant jurisdictions in which they wish to market those funds and also to their Cayman advisers," says Matt Mulry, partner at Dillon Eustace. "Managers want to know how the AIFMD will affect them and their funds, what they can do about it, and whether they should market in Europe and if so in which countries."