UCITS IV: asymptotix
Monday, 28 March 2011 | 
Finance - Banki...
LUXEMBOURG INTRODUCTIONS TO UCITS4
DLA Piper LUX Newsflash
UCITS IV The trend for the future
the dangers of a two-speed Europe
There are three months to go until UCITS IV comes into force. It is an important issue for the EU funds market. Luxembourg was the first European Member State to transpose this directive into national law. In an interview with LFF (http://www.lff.lu), Jean-Michel Loehr, RBC Dexia’s Head of Industry and Government Relations, speaks about implementation of the Directive in Europe’s main fund centres and the different attitudes of asset managers. He fears that a two-speed Europe is emerging.
Luxembourg has become the first EU Member State to adopt UCITS IV into its national law. What is the advantage of early implementation?
Luxemburg has developed into the domicile and servicing hub of choice for UCITS, as well as an ideal gateway for cross border distribution in the EU and beyond.
Being the first country to adopt UCITS 4, Luxembourg has created legal certainty for asset managers to analyse and prepare for general implementation on July 1st 2011. The country is leading the pack, which is a visible sign of Luxemburg’s long term commitment to the fund and asset management industry.
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Explicit and Closet Indexing, Fees, and Performance
The Mutual Fund Industry Worldwide: Explicit and Closet Indexing, Fees, and Performance*
Martijn Cremers
Yale School of Management
Miguel Ferreira
Universidade Nova de Lisboa
Pedro Matos
University of Southern California
Laura Starks
University of Texas at Austin
This Version: April 2011
Abstract
Mutual fund investors face a basic choice between actively-managed funds and index funds with lower expenses. However, the prevalence of indexing is rare in most countries. Rather, actively managed funds in many countries engage in "closet indexing," choosing portfolios that closely match their declared benchmark. The degree of explicit indexing in a country is negatively related to fees, while "closet indexing" is positively associated with fees and negatively with performance. The most actively managed funds charge higher fees but outperform their benchmarks after expenses. The degree of indexing and the ability of active managers to outperform are both associated with competition and fees.
SSRN
JPMorgan Funds ICVC II ICVC III ICVC III
Simplified Prospectus
Simplified Prospectus 11 July 2011 Saracen Growth Fund
Saracen Investment Funds ICVC
useful EUROCLEAR clarification
31 January 2011
Commission consultation on the UCITS depositary function and on the UCITS managers' remuneration
Euroclear response
hopeful LINK
alternate link
ucits4 EU Review KPMG lu
KPMG lu (45 pages)
ucits DECISION TREE
KINETIC PARTNERS DUBLIN