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Sturgeon enters joint venture with Gandon
25 March 2014
New service offers AIFM directive, Mifid regulatory cover
Sturgeon Ventures has entered into a joint venture with Gandon
Alternative Fund Management to offer a full regulatory service
for alternative investment funds (AIFs) in Europe.
The venture is described as the first regulatory incubation
service to offer full coverage for both the Alternative
Investment Fund Managers directive (AIFM directive) and the
Markets in Financial Instruments Directive (Mifid).
Gandon has received its full AIFM licence from the Central Bank
of Ireland, while Sturgeon can provide regulatory cover under
MiFID. Under the new service, AIF managers will become
appointed representatives of Sturgeon and thereby authorised to
market their products within the European Union.
Sturgeon Ventures can help new or existing EU and non-EU AIFs
become AIFM directive compliant in a number of ways, such
as becoming an external AIF manager, setting up sub or mirror
funds or outsourcing risk management.
An EU or non-EU asset manager can establish its own segregated
sub-fund on one of a number of SICAV SIF platforms in
Luxembourg, Dublin, Malta or Gibraltar.
Seonaid Mackenzie, managing partner Sturgeon said, "Sturgeon
was the first regulatory incubator in the institutional space
in the UK and we are leading the way once again by offering a
full AIF service in Europe".
"The clock is ticking in relation to the AIFM
directive and many self-managed or formerly lightly
regulated investment managers will have to make tough decisions
with regards to regulation, both under the AIFM
directive and Mifid."
"Like ourselves, Gandon's partners have all been fund and risk
managers, which enhances the chemistry with our clients."
The first fund to use the service as a regulatory umbrella is
due to be launched in March.