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Press Release

Tuesday 27 March 2012


The European Securities and Markets Authority’s (ESMA) consultation on types of alternative investment funds (AIFs) and their managers is unnecessarily prescriptive in some areas. The draft guidelines do not have sufficient flexibility to accommodate the very wide range of investment vehicles covered by the Directive.

IMA Director of Authorised Funds and Tax, Julie Patterson said:

“There is much in the ESMA draft guidelines that is helpful and sensible. But, a less prescriptive approach is needed in some areas.

“ESMA appears to be restricting the ability of the manager to delegate investment management and risk management.  This is common among many types of AIF and should not be constrained.

“Also, there is some ambiguity about whether MiFID-authorised firms can also be alternative investment fund managers or whether they must first relinquish their MiFID licence. This issue needs clarity.”


Read the IMA response here.

For further information please contact:

Navdeep Sidhu, Press Officer - 020 7831 0898 or 07843 517618
Mona Patel, Head of Communications - 020 7831 0898 or 07834 089332
Christina Bridge, Press Assistant - 020 7831 0898

Notes for Editors

The IMA is the trade body for the UK's £4 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. 

Our purpose is to support and promote a commercially successful and growing UK investment management industry as we seek to improve the financial outcomes for customers - savers and investors.

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