Some 71% of this amount, relates to 92 UCIs domiciled in Cyprus (9 UCITS
, 27 AIF and 56 AIFLNP).
In the long run, it is believed that the listing of the 'Commerzbank CCBI RQFII Money Market UCITS
ETF' on the LSE will boost the status and recognition of RMB in the European markets and create an integrated and sustainable environment for RMB business development.
Referring to a UCITS
management company GMM which has already been licensed, she said that it has already issued three mutual funds, of which two are single schemes and one is an umbrella scheme with 14 sub-funds of various types.
This product has virtually ironed out the structural drawbacks of hedge fund investing through a client -- friendly UCITS
This reform mainly aims to tighten up the obligations and liability of UCITS
depositaries (in charge of the funds).
"Setting-up a Shari'ah-compliant UCITS
fund in Luxembourg, opens the doors of the more than 70 countries around the world in which Luxembourg UCITS
funds are currently distributed" said Saluzzi.
By complying to strict standards set out in the European Union's UCITS
IV directive, for example on disclosure and liquidity, asset managers may receive a "passport" to market funds to investors throughout the 27-country grouping.
Our strategy, which combines our UCITS
expertise with our product and service strength in the alternatives sector, has been highly successful and recognition by a reputable publication like The Hedge Fund Journal is truly appreciated.'
Funds including BlackRock, Dexia, M andamp;G have been among the biggest UCITS
The fund, registered in Dublin, is the first in the GCC region to obtain a UCITS
Fund managers preparing for the UCITS
IV directive, due to come into force in 2011, said such low-cost jurisdictions might lack the appropriate skills and expertise and have a "limited track record and reputation", according to research conducted by custodian RBC Dexia and accounting firm KPMG.