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Investment Management Association Hedge Fund Directive

Investment Management Association

Head of IMA Condemns EU Hedge Fund Directive

The head of the Investment Management Association has come out, perhaps unsurprisingly, against the hedge fund directive passed by the European Union. IMA head Richard Saunders called the law a "failure of British foreign policy" and "blatantly protectionist."
Richard Saunders, chief executive of the Investment Management Association (IMA), accused ministers of being "oblivious" to the "blatantly protectionist" motivations of other countries when the controversial Alternative Investment Fund Managers (AIFM) directive was introduced

Speaking at a summit in Brussels on Thursday, he said: "As so often, the British in Brussels seemed to playing by the rules of cricket while everyone else was playing by the rules of ice hockey."

The experience of the hedge fund directive should be an example to the Coalition of "how not to do legislation", Mr Saunders warned. "We need the UK Government to raise its game in Europe," he said. "The legislation which will shape our financial services industry in the future now comes from Brussels and effectively bypasses the UK Parliament. The AIFM directive illustrates that. The UK has always been good at detail, but less strong in playing the big political game." Source

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