Under the Alternative Investment Fund Managers Directive (AIFMD), France has awarded 30 licenses. Amundi Alternative Investments has been the most recent to receive one, with others being processed.
This means that France has had more licenses approved than the UK, Luxembourg and Ireland combined. This is despite 6 asset managers removing their applications.
The speed of approvals shows that France’s intent to compete for cross-border funds business.
Chairman of the Association Francaise de la Gestion Financiere, Paul-Henri de la Porte du Theil, predicted that France will have approved licenses for 200 asset managers by the end of next year. he says this is because the country was already prepared, because their existing regulations were similar to AIFMD.
The Irish Funds Industry Association says it has approved 4 licenses, and the Association of the Luxembourg Fund Industry says it has approved 10 licenses.
SOURCE: Funds Europe 08/01/2014