TAILIEUCHUNG - UCITS Hedge Platform Survey 2012: Building routes to a new investment market place

Overcoming the current challenges and fostering further capital market development will require efforts across a broad policy front. Significant efforts to realize this crucial agenda are underway and could be deepened further. A sine qua non is to continue to further entrench the important and hard-won gains on macro stability that Brazil has achieved in the last years, including on the fiscal responsibility and inflation targeting frameworks. This continued predictability will further anchor the economy and facilitate a shift from shorter to longer term horizons for investment planning and the structure of finance. Raising savings rates should also contribute to. | the I hedgefund I journal UCITS Hedge Platform Survey 2012 Building routes to a new investment market place UCITS PLATFORM SURVEY UCITS Hedge Platform Survey Building routes to a new investment market place BILL McINTOSH For alternative funds that conform to the Undertakings for Collective Investments in Transferable Securities or UCITS format 2012 may prove a turning point. It could be the year that alternative UCITS funds ramp up assets drawn from retail investor networks cracking open a lucrative new avenue for growth outside of the institutional investor sector. No one expects retail flows to surpass institutional flows to alternative UCITS quite yet. But the question of whether alternative UCITS sometimes dubbed Newcits can thrive in the retail market and in the distribution networks that serve such investors is likely to be answered one way or the other over the next year or two. The alternative UCITS market has been shaping up for this test since Merrill Lynch began to sign up hedge funds to its Investment Solutions platform over five years ago. Since 2005 assets under management have doubled to around 75 billion See after early rapid growth in alternative UCITS. This followed the introduction of the updated UCITS III provisions in 2001 which permitted the use of some basic hedge fund investment techniques including moderate leverage short selling and derivatives exposure. Following the wide spread gating that took place in the post-2008 credit crunch the UCITS provisions giving minimum 15 day liquidity suddenly looked appealing and had the virtue of addressing a key investor concern. Alternative UCITS evolving Even so this is a sector still in a relatively early phase of evolution. Our own UCITS Hedge database tracks over 500 funds compared with over 10 000 in the offshore sector. Moreover regulation of this new market is developing as the European Securities and Markets Authority is holding a consultation on UCITS. Though this is cloaked as an .

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