Ucits fall behind Oeics

Professional Adviser
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By end of year fund of fund Oeics will be possible but not Ucits compliant

Oeic legislation in the UK has raced ahead of its Ucits 2 counterpart. By the end of the year, fund of funds Oeics will be possible but will not be Ucits compliant, frustrating the efforts of fund managers to sell into Europe from the UK. From 30 November, Oeics will be able to be funds of funds, cash portfolios and futures and options funds. However, the endless negotiation that has peppered the European process means that mid 2003 is now the earliest time Ucits is expected to catch up and allow the passporting of fund of funds. Sheila Nicholl, deputy director general for Autif...

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