Who will be EuSEF managers and investors?

EuSEF are expected to be run predominantly by smaller asset managers which we define as those with less than €500 million in assets under management. Managers with assets below this level do not need to be authorised under the Alternative Investment Fund Managers Directive or AIFMD, provided they manage unleveraged funds that do not offer redemption rights during the five years following the initial investment. However, managers with less than €500 million of assets under management do not receive the 'passport' to sell their funds across borders in the Union which AIFMD authorisation ...