Delegated Portfolio Managers – Risk Takers or Not?

December 19, 2013

German management companies (KVGs, formerly known as KAGs) that manage alternative investment funds within the meaning of the Alternative Investment Fund Managers Directive are considered to be alternative investment fund managers. Subject to de minimis exemptions, therefore, they are required to comply fully with the AIFMD as implemented in Germany through the German Investment Code (KAGB) and the AIFMD’s own Level II regulation.

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