|
By Pierre Oberlé, Association Luxembourgeoise des Fonds d'Investissement (ALFI)
The European fund industry is characterized by the success story of a truly European idea: UCITS, the acronym of Undertakings for Collective Investments in Transferable Securities. What started in 1985 as a European Directive with the modest ambition of defining a single framework for funds within the European Union ended up as a strong global brand for investment funds that is now recognised around the world. Initially, UCITS were intended only to be marketed across the European Union thanks to the creation of a new concept called the "European Distribution Passport" which implies that a fund domiciled in one European country can be sold very easily to investors located in other countries...
|