The European Alternative Investment Fund Manager Directive (AIFMD): impacts on existing alternative fund managers’ traditional business models

Buettner, Haiko R. M. (2017) The European Alternative Investment Fund Manager Directive (AIFMD): impacts on existing alternative fund managers’ traditional business models. DBA thesis, University of Gloucestershire.

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Abstract

This thesis investigates the impact of an EU-directive (directive 2011/61/EU) regarding the administration of alternative investments by fund managers (AIFMs) on the business models of AIFMs which became effective on June 22, 2013. This new fund regulation is expected to affect the business models of traditional AIFMs that were not previously subject to regulation but now have to comply with these rules. The potential effect of the Alternative Investment Fund Manager Directive (AIFMD) has been subject to contentious debate in the past. However, the outcomes of the AIFMD have not previously been considered post implementation and so will be investigated for the first time by this research thesis. This thesis explores the changes already driven by the AIFMD to understand its impact on traditional business models. These changes are currently initiated by fund managers in order to ensure a sustainable business. This thesis also investigates how the marketplace in which fund managers operate will change as a result of the AIFMD and how this change will impact traditional business models. Since the AIFMD only recently became effective, no quantitative data is available. Therefore, this research is based on exploratory research starting with an online survey sent to 200 fund managers managing different types of small, medium and large Alternative Investment Funds. The online survey asks general questions about the fund manager’s business, such as size, jurisdictions, investment types, etc. It also reveals the extent to which business models have been adapted to the requirements, in particular the operating conditions of the AIFMD and which requirements still need to be employed by the respective fund manager. Based on the results of the online survey, a small number of fund managers were chosen for personal interviews representing different types and size of managed funds as well as a variety of country locations. The samples were chosen in that way to allow generalization of the research findings for a broad range of different fund managers with different business models. The personal interviews enable confirmation of the findings achieved by the online survey as well as providing a deeper understanding of how fund managers perceive the impact of the AIFMD on their business model. The form of the interviews is flexible with open and spontaneous questions appropriate to the specific interview situation. This enables a more complex and sophisticated view of the change of traditional business models. Since the AIFMD was only recently realized and currently several AIFMD documents, such as specific guidance, is still outstanding, additional research is needed. Additional research could consider more quantitative data that is not yet available.

Item Type: Thesis (DBA)
Thesis Advisors:
Thesis AdvisorEmailURL
Kruse, Oliverokruse@glos.ac.ukUNSPECIFIED
Al-Ali, Jasimjal-ali@glos.ac.ukUNSPECIFIED
Uncontrolled Keywords: Alternative Investment Fund Manager Directive (AIFMD); Alternative Investment Fund Managers (AIFMs); Investment funds; Financial markets; European Union
Subjects: H Social Sciences > HG Finance > HG4001 Finance management. Business finance
H Social Sciences > HG Finance > HG4501 Investment, capital formation, speculation
Divisions: Schools and Research Institutes > School of Business and Technology > Business & Enterprise Management
Depositing User: Susan Turner
Date Deposited: 02 Mar 2018 09:19
Last Modified: 02 Mar 2018 09:19
URI: http://eprints.glos.ac.uk/id/eprint/5445

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