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201511 SL full scope AIFM
On 5th November, SL Investment Management (SL) welcomed
confirmation from the UK Regulator, the Financial Conduct Authority
(FCA), that 'full scope' Alternative Investment Fund Management
(AIFM) status had been granted.
SL has been authorised as a 'sub threshold' AIFM since July
2014, specifically in relation to existing Alternative Investment
Funds (AIFs) where the active management of assets has been
prerequisite to achieving the requirements of investors.
David Roxburgh, CEO at SL Investment Management said, "Gaining
sub threshold AIFM status in 2014 was an essential requirement for
our existing client base, and the team at SL were delighted to
accomplish this. Full scope authorisation allows us to extend our
management remit and to further expand our global reach".
As part of the new authorisation, SL has appointed Elian Fund Services as the Depositary for its
existing range of AIFs. The Depositary function provides
independent oversight into the management of the AIFs and
safeguarding of the AIF assets.
David Roxburgh continued, "The team at Elian has really
impressed us with their understanding of the specialist assets we
manage combined with having the necessary credentials to work with
in a focused and efficient manner".
What is the Alternative Investment Fund Management
The European Union (EU) brought about the Alternative Investment
Fund Management Directive (AIFMD) in the wake of the global
financial crisis in 2008, with the legislation formally adopted
across the continent during 2011.
Although written into European law in July 2011, adoption of the
regulation into individual member states has taken some time, with
many jurisdictions continuing to appear reticent to the change. The
UK transposed the regulation into UK law in July 2013, with a
subsequent twelve month transitional period granted to smooth the
Prior to the conception of the new regulation, a rapidly
expanding alternative investment fund industry had fallen somewhat
below the EU regulatory radar. Consequently, the AIFMD was borne
out of a need to provide a more robust regulatory framework, with
the overarching goal of increasing investor protection and
regulatory awareness of potential systemic risk.
The directive aims to improve transparency through a more
frequent and open system of reporting; tightening up on governance,
mitigation of operational risks and managing potential conflicts of
The scope of the directive focused to encompass hedge funds,
private equity and real estate funds. However, SL's existing
insurance and longevity based products have also been incorporated
within the scope of the legislation.
For further information on the management services that SL can
provide under the AIFMD regulatory framework, please contact David
Roxburgh or Patrick
McAdams at SL.