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ARTICLE · 21 JULY 2016

AIFMD Solutions

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This article considers the options for investment managers who wish to avoid authorisation under the Alternative Investment Managers Directive as an AIFM and yet access EU investors.

United StatesGovernment, Public Sector
Simon Firth
Simon Firth
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This article considers the options for investment managers who wish to avoid authorisation under the Alternative Investment Managers Directive (AIFMD or Directive) as an AIFM and yet access EU investors. When used in this article, AIFM (alternative investment fund manager) has the meaning given in the Directive, namely a legal person whose regular business is managing one or more alternative investment funds (AIFs), and 'managing' means providing at least risk and portfolio management services for an AIF.

To distinguish between AIFMs and AIF investment managers generally, the latter are referred to here, generically, as 'managers', whether or not they are technically an AIFM. A manager to which portfolio management has been delegated by an AIFM and which is not itself an AIFM is referred to as a 'portfolio manager'.

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