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Last boarding call: An overview of the alternative industry’s preparedness for AIFMD 

In the wake of the global financial crisis, the European Commission drafted one of the most ambitious and complex regulatory reform agendas ever introduced into the asset management industry in the form of the Alternative Investment Fund Managers Directive (AIFMD). The AIFMD will have wide-reaching and long-term implications for alternative investment fund managers (AIFMs) required to achieve compliance by July 22, 2013.
Last bording call

After polling more than 70 AIFM market participants, KPMG found while respondents were well aware of the complexity and impact of the Directive, a surprising percentage have yet to take any concrete steps to analyze the impacts the AIFMD will have on their businesses or to make changes to their operations. According to the survey:


  • Just over half of AIFMs have conducted an impact analysis,
  • Less than two-thirds have appointed a depositary, a key requirement of the legislation, and
  • Nearly half say they haven’t considered how the Directive’s remuneration requirements will affect their businesses.

In this paper, KPMG explains why this is the ‘last boarding call’ for fund managers to prepare for the Directive and that delaying any longer can translate into significant negative impacts on their operations, fundraising activities and long-term profitability.

Industry’s state of preparedness
The industry’s state of preparedness
Despite a clear understanding of the magnitude and complexity of the changes required for AIFMD compliance, a significant percentage of AIFMs remain ill-prepared for the Directive.
Non-compliance impact
Non-compliance will impact ability of AIFMs to raise funds
Delaying preparations for the final AIFMD rules will not be without its consequences.
Positive impacts
Potential impacts on AIFMs’ operations
The Directive will require AIFMs to introduce a host of operational changes to their businesses.
Implications - AIFMs’ business models
Implications for AIFMs’ business models
The Directive will also necessitate significant changes to AIFMs’ business models.
Why now
Why the time to get on board and act is now
In assessing the trends, attitudes and opinions the industry holds about the Directive, a striking disconnect is readily apparent.

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Fund Views Video

KPMG's Georges Bock and Charles Muller discuss the substantial strategic impacts on asset managers of the AIFMD "Level 2" implementing measures that were released by the EU Commission on 19 December 2012.

AIFMD Fact Sheets

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