June 2009
Asset Management News is produced by professionals in their particular field at PricewaterhouseCoopers, to address important issues affecting the asset management industry.
This edition of
Asset management news contains articles that focus on topical issues, including:
Striking a balance between regulation and innovation (an interview with Dan Waters, Sector Leader for Asset Management at the UK's Financial Services Authority)
Europe's alternative investment fund managers directive poses serious questions If the EU enacts the Directive in its current form, it may impose a disproportionate regulatory regime on managers of alternatives funds that are not authorised UCITS.
A global approach to regulating hedge funds? The International Organisation of Securities Commissions ("IOSCO") advocates a sensible way of regulating hedge funds, which strikes a good balance between 'micro-prudential' and 'macro-prudential' considerations, so minimising the risk they pose to the financial system.
US legislation targets investments in tax havens: changes on the horizon:The economic crisis has paved the way for potential reactionary U.S. legislation that could significantly impact hedge funds and alternative investment funds.
The game change for prime brokers: Learning from the past year's market crisis, and especially the Lehman Brothers insolvency, prime brokers are evolving their operating models to win market share and protect profitability.
The rise of bank-owned administrators: As independent administrators become essential to hedge fund operating models, this is accelerating the consolidation of the hedge fund services industry and leading to convergence between banks and administrators.
Opportunities swing to the east: In spite of substantial fund redemptions, foreign fund managers operating in China remain optimistic about the growth of their businesses.
The many challenges of Australia's REIT CFO: As one of the most securitised real estate markets, Australia is also one of the most transparent. This makes the REIT CFO's challenges and opportunities especially visible..
Transfer pricing risk in Asia: Asia's diverse transfer pricing rules and audit practices mean this is a complex issue for fund managers. With many managers downsizing their businesses, now is a good time to revisit their transfer pricing policies.
Enhancements to tax incentives for Singapore's investment management industry: The 2009 Budget was presented by the Singapore government on 22 January 2009. The following measures announced in relation to the investment management industry generated considerable excitement despite the current market downturn.
Even Islamic funds have been impacted by the crisis: In spite of their conservative investment principles, Islamic funds could not avoid the general hysteria that has infected financial markets.
Forestry investment: a new global asset class? Forestry has the potential to become a major new asset class, with attractive 'bond-like' returns. Yet use of an inappropriate tax structure can erode returns.
UK real estate: have we reached the bottom yet? The UK was the first European real estate market to experience asset price falls and is showing some
signs of stabilising.
Reclaiming EU dividend withholding tax: Interpretation of European law means non-EU entities can potentially obtain refunds of dividend withholding tax.
Product simplicity reigns in a bear market: The harsh conditions of the past 18 months have driven a reversion to low risk products among UCITS funds, yet this has not totally stifled product innovation.
New EU VAT rules and reporting obligations: Modernisation of taxation rules will lead to simplification of the payment of VAT but also imposes a new reporting obligation.
