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FEATURE: Risk on the radar
06 June 2011
UCITS funds have become increasingly sophisticated in recent years. Could managers be taking on too much risk?
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UCITS III
UCITS IV
When UCITS III was first introduced in 2001, promoters were wary of the new found freedom it offered to retail cross-border fund managers. Today, with just weeks before the official launch of UCITS IV on July 1, a plethora of funds are available that make full use of the permission to use derivatives and invest in a broad range of underlying assets. UCITS IV is about to make it even easier to pool assets and promote retail funds across the EU, so if fund managers have become bolder in their strategies, just how exotic can a fund be and still qualify for the UCITS passport?
UCITS III was a revolution for cross-border fund companies, for the first time allowing complex funds to be distributed to the mass market anywhere in the EU. As with all EU directives, it took time for the rules to be adopted locally and for the...
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