The Group rejected idea of allowing funds of hedge funds to be sold as UCITS/retail investment funds. Why?
The Group gave consideration to possible adjustments to the provisions of the UCITS Directive to allow a broader population of funds of hedge funds to be authorised and marketed across Europe as UCITS. However, the Group concluded that this would amount to a major undertaking. Given the scale of the challenge, and the uncertainty about the magnitude of the benefits compared to other proposed routes for opening up retail market access, the Group decided to advise against such a course of action.