AIFMD goes live

September 2014

After several years of preparation, from 22 July 2014 any alternative manager marketing into the European Economic Area (EEA) needs to comply with EEA member state approval/notification requirements under the AIFMD and, in the case of an EEA manager, also be authorized by it’s home state regulator as an AIFM. Citco has implemented its service offerings designed to help clients to comply with the directive, as previously communicated in various client forums and updates.

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FATCA running

September 2014

Guidance still being updated

The 1 July 2014 effective date for the implementation of FATCA has passed and Citco has been busy implementing our compliance solution.

All new investor subscriptions as of 1 July must be accompanied by a completed IRS tax form or self-certification statement with the appropriate FATCA representations. Most funds have now registered with the IRS, with Citco’s assistance where appropriate.

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Tailored data supports growth

September 2014

Hedge fund managers must offer customised reporting in order to attract and maintain allocations from the largest investors

The shift in the balance of power between investors and hedge fund managers has been well documented. As the industry has continued to mature, managers are going to great lengths to accommodate the large institutional investors that have reputations for making ‘sticky’ allocations.

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Investors increase scrutiny of administrators

September 2014

Operational due diligence should now include sophisticated analysis of administrators’ controls, systems and workflows.

Sophisticated investors are devoting more time to scrutinising administrators. Reflecting the administrator’s increased importance to the industry, a large part of operational due diligence (ODD) now focuses on administrators’ systems, as well as detailed descriptions of workflows. The time involved, and magnitude of the task, has become similar to the research historically performed on investment managers.

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