From January next year, non-UK firms managing UK authorised funds or funds registered for sale in the UK will be eligible for full IMA membership – an option previously only open to asset managers with an office in the UK.
In addition, the IMA has created a new “sector” membership category, open to both UK onshore and offshore asset managers, for those firms which do not require full membership but which want to have their funds included in the IMA sectors.
The Ucits IV legislation is due to come into force in July next year and will, along with a number of other measures, allow Ucits funds to be easily “passported” into other member states for sale, thus opening up the European market for retail investors and encouraging competition.
In addition, Ucits funds will be allowed to be managed by an authorised fund manager based in a member state other than that of the fund.
According to its website, the IMA, who’s 185 UK members currently manage around £3.9trn in assets, aims to “support and promote a commercially successful and growing UK investment management industry" and says it "seeks to improve the financial outcomes for customers – savers and investors”.
