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...