The AMF publishes a study on the characteristics of Alternative Investment Funds (AIFs) managed by French management companies: exposure, liquidity risk and leverage employed
In response to the 2008 financial crisis, the AIFM Directive imposes a set of requirements on asset managers, including a reporting to regulators. This first study on alternative funds in France provides information on funds’ portfolio, their exposures and their risk level. On the whole, the majority of AIFs are traditional funds, whereas there are very few of the riskiest funds, especially hedge funds. Their exposure, liquidity management and use of leverage are consistent with their investment strategies, at an aggregated level as well as on a fund-by-fund basis. This study will help to better monitor alternative funds and will participate in the revision of European regulations.
Real estate funds are included in this study. ASPIM will analyze these aspects in more detail.