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Custodians fight back against Europe
05 April 2012
The European Commission’s draft text for the AIFM directive has been heavily criticised all week. One global custodian tells Stephanie Baxter why the EC has left the industry exasperated
Global custodians have reacted angrily to unnecessarily inflammatory comments from Michael Barnier, the EU commissioner for the financial market, who was quoted in the Financial Times on Monday as saying he “will not be intimidated” by what he called “rearguard lobbying” from the industry.
Custodians refute the idea that they are “lobbing” against the European Commission’s push to regulate the private equity and hedge fund industries under the Alternative Investment Fund Managers’ Directive (AIFM directive), a source at a global custodian told Global...
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