UCITS and Asset Management after MiFID

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The European fund management industry has undergone profound changes since the 1985 Directive on Undertakings for Collective Investment in Transferable Securities (UCITS). Today, there are about 32,000 UCITS products, representing over €6 trillion of assets under management. These facts point to the success of the UCITS brand as one that is operational and reliable, all the while securing a high degree of investor protection. Nevertheless, despite its successes, the UCITS framework has shown signs of weakness: the very concept of UCITS might have to be revised, as the brand struggles to keep pace with the evolution and the pace of innovation in the marketplace. At the heart of the current debate is whether, going forward, the UCITS framework can provide the sort of flexibility that is conducive to developing a competitive and efficient market for fund management across the EU without damaging UCITS’ reputation as a hallmark of investor protection.  

Members of the Task Force

Chairman: Alain Leclair, Chairman, AFG (French Asset Management Association)


Karel Lannoo, Chief Executive Officer and Senior Research Fellow CEPS

Jean-Pierre Casey, Manager, Compliance Advisory Barclays Wealth & CEPS Associate Research Fellow  

Members and observers

Ciro Beffi, General Manager, Intesa Sanpaolo

Daniel Bolder, Public Affairs Manager, Deutsche Bank AG

Jean-François Boulier, Chairman Research Committee, Crédit Agricole Asset Management

Jean Echiffre, Managing Director, State Street

Uwe Eiteljoerge (Observer), DG Market G-4, European Commission

Florence Fontan, European Affairs, BNP Paribas Securities Services

Fabio Galli, Director General, Assogestioni

Olivier Girard (Observer), DG Internal Market, European Commission

Joëlle Hauser, Partner, Kremer Associés & Clifford Chance

Adrian Hilderly, Investment Managers, Merrill Lynch

Gabriele C. Holstein, Director of European Regulatory and Industry Affairs SSBE Ltd London, Zurich branch

Kevin Ironmonger, Head of Compliance, Merrill Lynch Investment Managers

Stéphane Janin, Director, International Affairs AFG (Association Française de la Gestion Financière)

chaub, Executive Assistant, Commerzbank EU-Liaison Office Brussels

Alastair Sutton, Partner, White & Case LLP

Dominique Valschaerts, Member of the Executive Committee, Luxembourg Stock Exchange

François Veverka, Executive Vice President, Compagnie de Financement Financier

Javier Viani, Dpto. de Investigación y Desarrollo de Producto, Santander Asset Management, Banco Santander

Bernard Wester, Director Asset Management Fund Service, Credit Suisse

Meetings of the Task Force

1st meeting: 21 June 2006

2nd meeting: 4 September 2006

3rd meeting: 28 November 2006  

Final Report of the Task Force, April 2008

'Pouring Old Wine Into New Skins? UCITS and Asset Management after MiFID'

This report gives a broad overview of the European asset management markets and discusses the structure of the industry. It analyses the ongoing review of the UCITS Directive and assesses the impact that MiFID (Markets in Financial Instruments Directive) will have on the industry. It starts with a series of recommendations to policy-makers and to the industry on how to adapt to changing market circumstances.

Disclaimer: Affiliations are provided for identification purposes only. Task Force members participated as individuals; the report reflects their own views and not those of organisations with which they are affiliated. The report is approved and supported by all Group members. However, members may not necessarily agree on all the detailed issues.