The doors open on reform

Ucits III arrived with more of a whimper than a bang - yet there are elements of it that should cheer investors in both and old and new EU member states. Although less developed, the mutual fund industry in Eastern Europe has not suffered the same sort of asset outflow that was seen in Western Europe following the collapse of the technology bubble, and has generally continued to expand in recent years. The greater flexibility offered by Ucits III will surely help domestic savings markets to develop. The first attempt at establishing a level playing field for financial services companies i...