Advent of Mifid to drive managers overseas

hedge funds

rush to meet mifid's november deadline could lead groups to shift portfolios offshore with switzerland and us the most likely destinations

Experts are predicting upheaval in the hedge fund industry as it struggles to meet the November deadline for the EU's Markets in Financial Instruments Directive (Mifid). Philippe Carrel, global head of business development for Reuters Trade and Risk Management, noted that in some circumstances, managers could find it easier to close portfolios subject to Mifid and open new replacements, beyond its regulations' reach. "I would not be surprised if new funds had to be created to comply with this because it would be simpler to do this in a week than to adjust everything," he said. "Otherwise...