Ucits III has been hailed as a global success, despite a number of setbacks. The arrival of Ucits IV means the European funds industry can now look forward to getting a much improved funds passport.
Before Ucits III, the European fund industry was highly fragmented. On its introduction, funds passporting helped significantly to reduce that fragmentation. In particular, pan-European groups have successfully used Ucits III to distribute their funds on a pan-European scale from a particular hub, such as Luxemburg or Ireland. "If there were any doubts or criticismsof the Ucits funds structure, we just have to think back to how it was before," says Daniel Lehmann, head of products at AllianzGI Europe. Peter De Proft, director-general of the European Fund and Asset management Associat...
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