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    Alt UCITS liquidity risk
    Wednesday, June 12, 2019 - 17:22

    The gating of the Woodford Equity Income Fund has lessons for investors in alternative UCITS funds. Critics of the alt UCITS craze have long feared that these funds are susceptible to the kind of liquidity problems that Woodford has experienced.

    ManCos’ fee structures
    Wednesday, June 12, 2019 - 17:19

    The Woodford drama also raises questions about the fee structure at ManCo hosting platforms and ACDs. Most receive a percentage of managers’ AUM as remuneration. Is there a conflict of interest here?

    The portfolio management paradox
    Wednesday, June 12, 2019 - 17:15

    The Achilles Heel of the fund model developed by the EU is that, post Brexit, it will have no control over what counts: portfolio management. Attempting to make up for that it is doubling down on substance in Ireland and Luxembourg.

    Substance insanity
    Wednesday, June 12, 2019 - 17:10

    To prevent regulatory arbitrage post Brexit ESMA wants yet more EU supervisory convergence. This means additional expensive substance requirements in Ireland and Luxembourg which is of no help to investors.

    Simulated substance?
    Tuesday, May 14, 2019 - 09:22

    As the substance tsunami in EU and offshore jurisdictions rolls on it’s time to ask how much of this extra local activity is useful. Or is it just done for regulatory reasons?