With the EU Alternative Investment Fund Managers Directive proving restrictive and costly, Simon Harding asks whether the offshore model offers a better deal for managers
The manner in which the EU Alternative Investment Fund Managers Directive (AIFMD) is playing out has all the appearance of a high-stakes poker game. The European Securities and Markets Authority (ESMA), national regulators, EU managers, EU domiciles and offshore jurisdictions are all playing their hands very close to their chests and watching each other intently for any tells that will give them an advantage. Will the game end with one winner scooping the pot? Or will it turn out to have been Monopoly money all along, leaving the players nursing hangovers and parting with promises to do it all again soon?
