AIFMD

Home game Sweden

A change in tax legislation and ethical considerations are leading Swedish PE firms to onshore their funds

Profile: Martim Avillez, Limerston Capital

The COO and founding partner discusses setting up the firm’s operations, combining them with his investment duties and navigating difficult times

Magic ID secures €350k

KYC startup aims to use the funding to launch its range of ID verification tools in the UK and the EU

AIFM-Done

As the EU concludes technical discussions around the AIFMD review, The Drawdown takes stock

Island appeal

The Channel Islands have established strong reputations 
as domiciles and intend to keep them

The digital CFO

While most CFOs would protest at the idea of their entire role being outsourced, an example of a plug-in CFO service is the upcoming launch of Corvus Group. Is it time to outsource the CFO entirely?

Breaking the mould

Does Luxembourg deserve its position as the default domicile in Europe or should GPs be more willing to consider alternative jurisdictions?

Ropes & Gray promotes Maj to counsel

The lawyer’s asset management team promotes Dorota Maj as one of 20 lawyers making the move to counsel across the firm

FCA lays out priorities for asset management regime

Regulator´s chair discusses AIFMD´s future in UK regulatory regime and highlights proportionality as guiding principle

ICG appoints head of Luxembourg

Hind El Gaidi joins from her previous role as head of financial information and valuation at Astorg

FCA cracks down on private market valuations

The review is expected to scrutinise valuation processes, governance and professionals in charge of the process

Profile: Melanie Wiese, Deutsche Beteiligungs AG

The CFO and member of the board of management walks us through lessons learned in the course of her career and how her passion for a diverse and collaborative culture translates into practice

Investment Association calls for EU reforms

Trade body highlights sustainability, new technologies and greater alignment on regulatory issues as areas of concern

BlackRock joins Allfunds’ Private Partners programme

Firm aims to broaden access to its private markets offering for wealth management clients

Deutsche Beteiligungs AG acquires Elf Capital

The German asset manager will also co-invest up to €100m into Elf Capital’s funds

What’s in a name?

European Commission’s Retail Investment Strategy to further amend AIFMD and do away with ‘undue costs’, broaden definition of professional investor and ban inducements

The great rebundling

UK signals plans to reinstate research payment bundling, diverging from MiFID II

Comment: Avoiding the tripwires

Pinsent Masons partner Mark Shaw details how to avoid regulatory issues when distributing non-EU funds within the EU

Provisional agreement reached on AIFMD reforms

Regulators hone in on liquidity management, loan origination funds and delegation rules and hope to increase investor protection and cooperation of national authorities

Goldman Sachs launches ELTIF

We speak to Barry Fricke, head of EMEA alternatives distribution for wealth at the firm, to understand the operational setup of the fund

France issued most number of sanctions under AIFMD between 2013 and 2022

ESMA report highlights a lack of harmonisation among EU Member States regarding sanction enforcement

Luxembourg toolbox updated

A bill has been passed to increase flexibility and clarify certain ambiguities for AIFMs and their investment fund products

Profile: Tony Corbin, White Star Capital

The firm's CFO speaks about navigating across jurisdictions, while using Guernsey as an operational base

The qualifying factor

To what extent is the QAHC regime benefiting the UK alternative funds industry?

ESMA launches CSA

ESMA and NCAs aim to assess SFDR compliance of supervised asset managers

A&M Tax appoints senior director

Rasmus Steiness joins from Deloitte

ESMA reviews cross-border marketing requirements

The body’s second report highlights frequent breaches of marketing requirements

REYL Intesa Sanpaolo acquires Carnegie Fund Services

The acquisition will result in the two firms’ Swiss representation services being combined

AIFMD reforms delayed

Change in presidency of Council of the European Union leaves little indication for new timeline

Comment: Cutting through conflicts in GP-led transactions

Travers Smith’s Victoria Bramall and James Ravden outline five strategies to mitigate conflicts in GP-led deals

Profile: Martin Sjölund, Summa Equity

The partner and general counsel walks us through the beginnings of the firm’s legal function and its current management

Tokenisation barriers

Significant barriers to the tokenisation of real assets remain, despite forecasts for major industry growth, according to a whitepaper

ACA launches portfolio management solution

Managed Performance Services aims to assist fund managers with performance measurement and reporting features

Debt set

The Drawdown hones in on the private credit trend that the experts think is here to stay – how can GPs establish a successful first-time credit fund in this economic climate?

Comment: Future-proofing operational models key to supporting global GP ambitions

Elliot Refson, head of funds at Jersey Finance, says the jurisdiction’s JPF and LLC structures provide stability in a turbulent environment

Negotiating terms increasingly challenging for LPs

LPs have expressed concerns over negotiating terms and manager assessment and identification, according to survey results

The Drawdown Awards 2023: Winners announced

Congratulations to all of the winners of The Drawdown Awards 2023

Column: Walking on eggshells

Zetland Capital COO Malcolm Goddard explores the possible implications of ATAD III, also known as the Unshelling Directive, on holding companies

Colmore launches Term Intelligence

Features include benchmarking, cost projection and ILPA compliance services for LPs, GPs and service providers, aiming to improve the LPA process

State of substance

How are GPs giving their firms the necessary mass to operate in Luxembourg?

ESMA issues opinion on ‘undue costs’

Regulatory authority is concerned about diverging levels of investor protection across the bloc

In-house rules: legal versus compliance

As more lawyers move into in-house roles within private equity, they can take up the mantle of either legal or compliance – but how do these functions cross and diverge?

Help your LP help you

As regulatory and economic perspectives on capital allocation diverge, LPs’ expectations towards their GPs are changing

ESMA publishes product governance guidelines

The requirements are akin to the FCA’s Consumer Duty but are not legally binding

Comment: Antitrust in me

Merger enforcers turn up the heat on private equity: what can you do to stay cool?

Khepri launched via MBO of MJ Hudson UK unit

Will Roxburgh and Mike Booth have led the buyout of MJ Hudson’s UK regulatory and fund management business

FCA eyes regulatory streamlining for UK funds

Financial watchdog launches consultation paper as it seeks to modernise current regulatory framework and the use of tech in asset management

AIFMD II: Electric Boogaloo

Regulator expands the scope of delegation and adds new rules for loan-origination funds

Simpson Thacher appoints financial regulatory lawyer

Stephanie Biggs joins from Travers Smith to co-lead the firm’s European financial services and funds regulatory team

Regulatory roadmap 2023

ESG is set to be the biggest bump in the regulatory roadmap for 2023, along with AIFMD and AML reforms in tow

RedeWire portal to tackle restrictive marketing rules

Built against a backdrop of complex marketing regulations and tough fundraising conditions, Rede’s new LP portal gathers new fund offerings in one place

Capital raising punishment: Marketing madness

Compliance and legal obligations for raising a fund have been building steadily in recent years. But given the sudden tightening of the fundraising market, the myriad rules managers must navigate have made capital raising a punishingly cruel exercise.

Pinsent’s Bowen joins K&L to launch Dublin office

Gayle Bowen is joined by Shane Geraghty and Michelle Lloyd as founding partners

Investing in new tech is major challenge for GPs

According to a new report from Aztec, 83% of alternative investors are struggling with bringing new technologies into their firms

Fast Funds

Fund managers are increasingly turning to Jersey due to the speed, flexibility and efficiencies offered by its fund structures

Preferred, professional, pragmatic

Pierre Weimerskirch, regional head, Luxembourg at Apex Group, discusses the emergent opportunities facing Europe’s largest centre for domiciled funds

ELTIF reform progresses

The European Council and the European Parliament have reached agreement on regulatory reforms to the unpopular fund structure

Profile: Nigel Diesveld, HPE Growth

The CFO talks compliance and highlights the growing importance of a dedicated chief risk officer

In conversation: Power to the LP

Highlights from a recent roundtable event examining the growing influence of investors in private equity fund management

Domicile watch: August 2022

Key takeaways from the major private equity domiciles, including: JFSC’s extension of its AIF reporting deadlines, the FCA’s new rules for its AR scheme as well as AMF’s consultation on PE funds’ end of life