WEST PALM BEACH, FL (HEDGECO.NET) – Some experts of European Alternative Investments have submitted a new recommendation to the European Commission, suggesting a radical and far reaching overhaul ofthe European Asset Management Industry. The group made up of 26 experts, drawn from countries of the European Union, has advocated for possibly �stand-alone asset management pillar� according topublished reports.
Such strategies are aimed at equipping the European asset management industry with �a sound legislative basis to develop over the coming decades.� The mandate would also provide the European industry participants with �a framework capable of taking into account the emergence of new products and techniques. Such an opportunity could be seized to develop a stand-alone asset management pillar in EU legislation.�
Such new measure will include all areas of asset management obligations, or will be specifically tailored to collective and individual portfolio management, according to an unnamed task force member. The new framework may include �Effective action to boost the efficiency and competitiveness of the European asset management industry� such measure, �will be a powerful contributor to economic reform,� the expert report noted.
The European Union continues to reform its alternative investment laws, as more member states are introducing new laws to govern investment in hedge funds and similar instruments. Recently, Germany approved hedge fund investment for retail investors. There still remains major work to be done within the European Union member states towards establishing uniform hedge fund standards applicable throughout its member states.
Paul Oranika
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