New City Initiative urges UK fund structure to rival UCITS and AIFMD

Competitor system mooted

The New City Initiative (NCI) has called for the establishment of a new UK fund structure, which could "rival" the successful European UCITS and AIFMD models, and has argued that tax reform is vital to promote the UK as a "leading centre for investor protection".

A new report authored by Charles Gubert, a consultant to the group, argued that a UK competitor to the EU's UCITS, which recently achieved €10trn in total assets, and AIFMD structures would encourage "competition to thrive" and help "facilitate the onshoring of more asset servicing roles", which would in turn help generate jobs in the regions of the UK. EU regulators unite for UCITS liquidity risk supervision Such a UK fund structure could follow the recommendations of the Financial Conduct Authority in the wake of Woodford, tightening liquidity requirements to differentiate itself, o...