EU still struggles with investment

While the European Union has long enjoyed the free movement of goods and people, it seems financial services - and investment funds in particular - is a tougher nut to crack. Under the European Commission's Ucits framework, cross-border fund structures like Luxembourg Sicavs are snapped up enthusiastically by investors as far away as Hong Kong (admittedly through the expedient of local regulatory approval). But the EC is still baulking at the introduction of a true management company passport that would mean a management company based in one member state could run a Ucits scheme in anothe...