Ucits III directives holding back mutual fund market

Multiple tax regimes and a plethora of small portfolios are holding back the development of a single European mutual fund market, concludes a report from Standard & Poor's. Françoise Nichols, a director at S&P, added: "European funds are on average five times smaller than their US counterparts and approximately four times greater in number." The ratings agency consulted several industry practitioners on the EU legislative framework for Ucits funds and its influence on the marketing of these products across borders in Europe. Nichols said that while some indicated Ucits III Directives lac...