Reuters – Institutional investors said on Thursday that draft European Union rules that could bar non-EU fund managers from marketing their products in the region could limit their investment choices and upset their portfolio balance.

U.S. managers “would effectively be excluded from the EU market,” a senior fellow at the U.S. Securities and Exchange Commission asserted at a conference hosted by the Financial Services Authority.

“Choice is the biggest single area of concern for us,” said Jeremy Hill, general counsel for the Universities Superannuation Scheme (USS), which runs 24 billion pounds in assets.

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Tags: fund-managers, hedge fund, institutional-investors, investment choices