Page 4 - European investment_preview

THE EUROPEAN INVESTMENT FUND MANAGEMENT INDUSTRY
3.3 Managers 55 3.3.1 UCITS management companies 55 3.3.2 Alternative Investment Fund Managers (AIFMs) 56
3.4 Economic role 57 3.5 Environmental, Social, Governance (ESG) 61 3.5.1 ESG developments in the EU 62 4. The future of asset management 64 4.1 Technological trends 64
ASSET MANAGERS: UCITS MANAGEMENT COMPANIES
AND ALTERNATIVE INVESTMENT FUND MANAGERS 69
1. Statistics 70
2. Authorisation 73 2.1 Authorisation of UCITS management companies 75 2.2 Authorisation of AIFMs 77 2.3 Personal requirements for qualifying shareholders 80 2.4 Personal requirements for corporate bodies 82
3. Operating requirements 83
4. Functioning 88 4.1 UCITS management companies: activities and functions 89 4.1.1 Activities 89 4.1.2 Functions 92 4.2 AIFMs: activities and functions 98 4.2.1 Activities 98 4.2.2 Functions 101 4.2.2.1 Valuation 102
5. Delegation 111 5.1 Delegation of the activities of UCITS management companies 112 5.2 Delegation of the activities of AIFMs 112
6. Business models 115 6.1 The business model of “traditional” asset managers 121 6.2 The business model of alternative asset managers 123 6.2.1 Hedge fund managers 123 6.2.2 Real estate fund managers 127 6.2.3 Private equity fund managers 130
7. Third-party management companies 134
8. Remuneration 137
8.1 Recent evolution of the European legislation in the field
of remuneration in the financial sector 137
8.2 Remuneration in the European asset management industry: developments under the UCITS and AIFM Directives 140
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