Delegation in the investment funds sector in Europe – International journal for financial services – ed. Larcier-Bruylant

The main theme of this edition is:

Outsourcing, a major regulatory project of the 21st century


Our experts Camille Bourke, Piotr Giemza-Popowski and Allison Niccoletti are the authors of the article entitled:

Delegation in the investment funds sector in Europe

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Content:

1. Introduction
The investment funds sector in Europe

2. The concept of delegation

3. Historical development
      3.1. Development of the delegation model under the UCITS regime
      3.2. Introduction of the letterbox entity concept in the AIFMD regime
      3.3. Detailed AIFMD requirements on delegation

4. Delegation in the fund industry today
      4.1. Types of services being delegated
      4.2. Reasons for delegating services other than portfolio management – clusters of expertise phenomenon
      4.3. Delegation of portfolio management
            4.3.1. Group IFM v. external IFM model
            4.3.2. Reasons for delegation
            4.3.3. Pros and cons of the internal IFM model
            4.3.4. Pros and cons of the external IFM model

5. Investment advisory model

6. Supervision of delegates
      6.1. Delegation framework/Initial and ongoing due diligence with delegates
      6.2. Personnel requirements at the IFM’s level
      6.3. Liability for delegated services

7. Future of delegation
      7.1. Current legislative initiatives
      7.2. Risks of overregulation

Contact an expert

Bourke Camille

Head of Office, Partner

Norie Allison

Head of Office, Senior Associate