AIMA Chair Message
2024, has been a pivotal year for AIMA and the alternative investment industry. Consistent with the experience of the past several years, our industry has faced a wave of heightened regulatory obligations and risks driven largely by the unprecedented volume of rulemaking by the US Securities and Exchange Commission (SEC). Many of these measures created unnecessary burdens for our members and imposed unintended consequences on managers and allocators alike. Thanks to the work of AIMA, we as an industry have been spared from the most egregious examples of this aggressive, and at times poorly informed, body of rulemaking. AIMA has stepped up to represent our members’ interests and advocate for the principle that the regulatory regime should treat sophisticated institutional investors and retail customers differently.
AIMA has been fully engaged in the rulemaking process, working together with member firms to submit voluminous, detailed comment letters, and reinforcing our messaging in meetings with the SEC Commissioners and Staff, the U.S. Treasury and Federal Reserve and on Capitol Hill. In some cases, these efforts led to significant, beneficial modifications of the proposed rules. In other cases, however, more dramatic action was required to protect the industry. This year, AIMA took the unprecedented step of challenging certain SEC rules in court as part of a coalition of industry associations, not once but three times. These decisions were not taken lightly, but they reflected our dedication to safeguarding the integrity of our industry. Two landmark victories—the overturning of the Private Fund Adviser Rule and the expanded Dealer registration requirement, both found to be unlawful by federal courts—have reaffirmed the importance of this work. A ruling on AIMA’s third case against the SEC, which relates to reporting of short sales and securities lending activities, is expected in Q1 of 2025. We remain optimistic about the prospects for a constructive outcome in that case.
While AIMA’s achievements in addressing these US-centric challenges will justifiably be a focal point for this Year in Review report, they represent only a portion of AIMA’s broader efforts. Across the globe, AIMA’s teams have been deeply engaged in supporting members, advocating for their interests, and promoting the growth of alternative investments. The pages of this report highlight the remarkable breadth of this work, and I encourage you to take the time to explore it.
Looking ahead to 2025, while we anticipate a less adversarial regulatory agenda in the US, AIMA’s role will remain critical as new challenges emerge. It is a privilege to serve as your Chair during this important time and to contribute to guiding our industry into the coming year and beyond. I look forward to continuing to work closely with CEO Jack Inglis, as well as my colleagues on the AIMA Council, as we prioritize AIMA’s response to these evolving concerns. In the meantime, I thank you—the members—for your ongoing support and participation in AIMA’s many important initiatives. The expertise, energy and enthusiasm of its membership is AIMA’s greatest asset.
AIMA CEO Message
At AIMA, protecting and advancing the interests of the alternative investment community is at the heart of everything we do. This commitment was brought into sharp focus over the past year as AIMA successfully navigated its legal challenges to the SEC’s overreaching regulatory agenda.
The decision to litigate was a historic moment for AIMA, marking the first time in more than 30 years that we had pursued this legal action. This significant step was taken following extensive engagement with our global membership and with the unanimous support of AIMA’s global council.
Our success in this endeavour rightly stands as the centrepiece of our year, but it is just one aspect of our work across all regions. As we enter 2025, AIMA’s global standing has never been stronger.
Beyond advocacy, we have expanded our resources, enhanced our membership offerings, and deepened our engagement with asset managers and asset owners worldwide. From record-breaking events to practical guidance that helps members excel in their roles, we have worked tirelessly to ensure that AIMA remains an indispensable partner to the alternative investment industry. This review provides further details of our work and engagement with our members.
As we move towards the new year, we warmly welcome feedback from our members on how we can further enhance our work and continue meeting the evolving needs of our industry. Your continued engagement and support are integral to these efforts' success, and we extend our deepest gratitude for your trust and partnership.
Year in Review Summary
Regulatory Influence & Compliance Implementation
This year, AIMA secured major victories, delivering on its mission to protect members from aggressive and unnecessary regulatory burdens. In the US, two legal triumphs against the SEC saw the Private Fund Advisor Rule and Dealer Rule vacated on the grounds that the regulator exceeded its statutory authority. A third decision is pending. In Europe, AIMA collaborated on the updated AIFMD framework to provide regulatory stability. The UK saw success with raised notification thresholds for net short reporting, thanks to our persistent advocacy. Across APAC, we made strides in OTCD reporting, market sounding, and shareholding reforms, ensuring a more member-friendly regulatory environment.
Compass: Practical Guides, DDQs, Insights
Our members consistently tell us that AIMA’s practical guidance is invaluable in “helping them do their jobs.” Developed in collaboration with industry practitioners, our guides and research are crafted as practical toolkits tailored to real-world needs. In 2025, we’re launching a comprehensive overhaul of our industry-standard DDQs, making them even more streamlined, user-friendly, and relevant to today’s demands.
Communications and Stakeholder Engagement
From our research and thought leadership to social media, podcasts, newsletters, and direct engagement, AIMA’s comprehensive approach to communications keeps members and stakeholders informed and inspired. This '360° Comms Strategy’ encompasses research and thought leadership, social media, multimedia channels (such as AIMA's weekly podcast, The Long-Short), newsletters, and direct engagement. Around the world, AIMA's voice has been heard louder and clearer than ever this year, ensuring our industry's priorities remain front and centre.
Events
We hosted over 250 events over the past year drawing over 19,000 attendees from across the world, including senior policymakers, regulators, institutional investors, fund managers and other industry specialists.
Our flagship events continue to grow in influence and draw record numbers.
For more information on AIMA's events, to view playbacks from 2024 and to register to upcoming events click here.
Thank you
Thank you for your ongoing membership of AIMA.
Our mission is to influence, educate and communicate, and in so doing, to be a very useful source of intelligence whether your role be in legal, compliance, operations, or investor relations.
The Long-Short
The Long-Short is a podcast by the Alternative Investment Management Association, focusing on the very latest insights on the alternative investment industry.
Each episode will examine topical areas of interest from across the alternative investment universe with news, views and analysis delivered by AIMA’s global team, as well as a host of industry experts.
As 2024 draws to a close, The Long-Short team delivers its annual year in review episode. Hosts Tom Kehoe and Drew Nicol unpack a transformative year marked by seismic political shifts, groundbreaking legal victories for the alternative investment industry, and the resurgence of key markets like crypto and APAC. Joining them is AIMA CEO Jack Inglis, who shares insights from a whirlwind year of advocacy and engagement, plus what’s next for private markets and hedge funds in 2025.
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Disclaimer
This podcast is the sole property of the Alternative Investment Management Association (AIMA). This audio production and content are intended as indicative guidance only and are not to be taken or treated as a substitute for specific advice, whether legal advice or otherwise. AIMA permits use or sharing of the content in media or as an educational resource, provided always that proper attribution is made. The rights in the content and production, including copyright and database rights, belong to AIMA.