Investment managers 'underestimating AIFM'

Many investment managers are underestimating the affect the EU Alternative Investment Fund Manager (AIFM) directive will have on their operations.

This is according to a new report from business services provider BDO, which revealed that just three per cent of those who took part in a survey cited AIFM as one of the key risks that needs to be addressed this year.

It is set to be fully implemented in 2012 and head of funds at BDO Neil Fung-On called on companies that provide private banking services to address the issue as soon as possible.

’For those organisations that have not yet put a plan in place for managing risk, we cannot emphasise enough how important it is to do this,’ he remarked.

Last month, it emerged that over 1,000 requests for amendments to AIFM have been put forward by MEPs, a figure described as ’unprecedented’ by the secretary general of the European Venture Capital Association Javier Echarri.ADNFCR-2318-ID-19597459-ADNFCR