Increased regulation has made regulated fund structures less
attractive to those who may once have become fund managers.
Instead, some erstwhile fund managers are forming either private or
public investment vehicles as an alternative to launching
traditional funds. This article will comment on some of the
alternative structures which a 'non-fund manager' may
utilise.
Internalise management and become a conglomerate
"Why would anyone launch a private equity fund
anymore?" This was a question which perplexed Jon Moulton when
the European Union Alternative Investment Fund Managers Directive
was first being discussed at one of the many conferences at which
he spoke. Mr Moulton's suggestion was that in place of being a
private equity fund a company could be formed to buy a series of
other businesses and consider itself a conglomerate along the lines
of Hanson plc in the 1980s. While we haven't seen the rise of
diversified conglomerates we have seen a number of
