The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

AIMA Responds on UK FSA "Funds of Alternative Investment Funds (FAIFs)"

02 July 2007

London, July 2007: The Alternative Investment Management Association (AIMA), the leading global hedge fund and alternative investment industry association has welcomed the Financial Services Authority’s (FSA) proposal to allow authorised onshore Funds of Alternative Investment Funds (FAIF’s).

AIMA strongly believes that retail investors should be in a position to take advantage of the opportunities afforded by alternative investments - provided investor protection provisions are adequate,

AIMA also believes that the FSA’s high-level approach - concentrating on appropriate due diligence by the FAIF manager as the most effective form of consumer protection - is the correct and sensible one.

Matthew Jones, Manager in AIMA’s Regulation Department, said: “It is important to remember that the FAIF concept will not take off unless and until the underlying tax regime is resolved appropriately.

We feel that the FSA understands this and is working with HMT on this issue.  AIMA supports the FSA’s work and will continue to do so as the post-consultation process proceeds.”

- Ends -

For further information, please contact Eoin Brophy, Hume Brophy Communications on +44 (0)20 7499 8736.

Editors’ Notes

1. About AIMA

As the only truly representative global hedge fund association, AIMA, the Alternative Investment Management Association, has over 1100 corporate members worldwide, based in 47 countries.

Members include leading hedge fund managers, fund of hedge funds managers, prime brokers, legal and accounting services and fund administrators.  They all benefit from AIMA’s active influence in policy development, its leadership in industry initiatives, including education and sound practice manuals and its excellent reputation with regulators, worldwide.

AIMA is a dynamic organisation that reflects its membership’s interests and provides them with a vibrant global network.

AIMA is committed to developing industry skills and education standards and is a co-founder of the Chartered Alternative Investment Analyst designation (CAIA) – the industry’s first and only specialised educational standard for alternative investment specialists. For further information, please visit AIMA’s website

2. AIMA’s response

AIMA’s response to CP07/6 “Funds of Alternative Investment Funds (FAIFs) can be found on our website.

3. CP07/6 “Funds of Alternative Investment Funds (FAIFs)

The FSA’s Consultation Paper can be found on its website.



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