84% of investment managers not prepared for AIFMD – Investit
A poll of investment managers published by Investit suggests that just 16% feel ready for day one of the AIFM Directive, with its implementation date of 22 July.
According to the poll, some 67% said they felt ‘fairly prepared’, while 17% were ‘unprepared’.
Investit said the findings were “unsurprising” given that some of the most important topics, such as remuneration and technical details of reporting, have yet to be finalised.
There is a one-year transition period to the new regime for alternative investment fund managers, which some 64% intend to use, Investit said.
About 18% are using the transition period to avoid early and unnecessary depositary costs.
Sarah-Jane Dennis, principal at Investit, said: “Considering the proposed implementation is fast approaching, we are seeing investment managers making judgement calls on what the regulation has yet to define; second guessing the regulators is becoming a compliance risk in itself. Investment managers feel they are prepared as they can be without running projects which might turn out to be unnecessary.”