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  • Tracker Service

  • This page is from the Tracker Service September 2014 launch, and is only updated for Tracker subscribers

    The Tracker will be monitoring the impact of AIFMD on the fund domiciles, both offshore and in the EU. In particular it will focus on any possible changes in alternative fund domiciliation patterns caused by the Directive.

    Ireland, Luxembourg and the UK have dominated alternative fund domiciliation in the EU to date. (For AIFs registered in these jurisdictions please go to the AIF Launch section.) Malta, the EU’s third international fund domicile, has also been chosen by a number of managers for their regulated AIFs.

    Although outside the EU, offshore jurisdictions like Guernsey and Jersey now have dual regulatory regimes in order to cater for managers wishing to comply with the Directive. One of their regimes is therefore for funds wishing to be AIFMD compliant (and the other for their traditional offshore funds).

    Jersey reported a surge in applications in the lead up to the end of the AIFMD transitional period. The number of funds notifying the Jersey Financial Services Commission (JFSC) of their intention to privately place into Europe under AIFMD rules broke through the 150 mark, say Jersey Finance.
    Figures collated by the JFSC show that, as at 22 July, a total of 164 funds had opted to make use of Jersey’s private placement route into Europe. In addition, 57 alternative investment fund managers have confirmed their authorisation under Jersey’s AIFMD private placement regime, and there are three depositaries in Jersey offering AIF Depositary services as well as others in the pipeline.

    At the end of July the Guernsey Financial Services Commission (GFSC) report that 34 Guernsey Alternative Investment Fund Managers (AIFMs) have taken advantage of Guernsey’s National Private Placement (NPP) regime to market Alternative Investment Funds (AIFs) into Europe.

    Cayman fund registrations, from European based managers, have not been affected by AIFMD, to date. Registrations in Cayman during the AIFMD transitional period, from July 2013 to July 2014, ran at a similar rate to the 12 month period from mid 2012 to mid 2013.