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Press Release

Friday 26 February 2010

IMA WELCOMES NEW  FUNDS OF ALTERNATIVE INVESTMENT FUNDS ("FAIFS") REGIME

The Investment Management Association (IMA) welcomes today's publication by the FSA of the new rules for Funds of Alternative Investment Funds (FAIFs).  FAIFs are UK authorised funds that are able to be invested in a wider range of underlying funds, with appropriate investor safeguards.  The new regime comes into effect from 6 March 2010. 

The FSA has taken on board IMA's earlier comments to allow for flexibility in fund structure alongside the necessary investor protection measures. 

The new rules also provide for a feeder fund for corporate investors to gain access to the new tax efficient authorised property fund (PAIFs) regime.

Julie Patterson, Director of Authorised Funds & Tax at the IMA, commented:

"The introduction of FAIFs is good news for product innovation and investor choice because it enables investors to gain access to a wider range of investments.  We also welcome the production by the FSA of a factsheet on FAIFs for intermediaries

"The new regime will enhance the UK's position as a domicile for a wider range of funds. Today's publication is the culmination of much hard work by the authorities and the Investment Management Association."

-ENDS-

Notes to Editors:

The FSA has a policy statement on Funds of Alternative Investment Funds (PS 10/3) which includes the rules for the new regime and the factsheet for intermediaries, which includes a description of FAIFs and points for intermediaries to consider.

The rules relate to non-UCITS retail schemes.

For further information, please contact:

Ginny Broad, Head of Communications, IMA, 020 7831 0898 or 07834 089332

The IMA's press releases and can all be found at www.investmentuk.org

About the Investment Management Association

The IMA is the trade body for the UK's £3 trillion asset management industry.  The money its members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.  Its role is to represent the industry and promote high standards.

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