AIMA - Liquidity Risk Management in Alternative Funds

Published: 23 March 2021

This paper explores how the requirements for liquidity risk management (LRM) differ as between professional investor funds and retail-focused funds such as UCITS and investment companies registered under the Investment Company Act of 1940. The paper reflects on the concerns being raised in the policy debate, but also looks closely as to how investment managers view LRM for the funds they manage, what the key practices for sound practices in LRM are and what types of policy responses might be more or less helpful to enhancing their ability to perform robust LRM with respect to the funds they manage. The paper has been drafted with support and input from AIMA members and takes into account the market events that followed the global COVID-19 outbreak.

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