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The proposed Alternative Investment Fund Managers (AIFM) Directive will have a profound and wide-ranging impact on the fund industry, both in Europe and internationally, explains  Michael Hornsby of Ernst & Young, Luxembourg.

ALFI (Association Luxembourgeoise des Fonds d’Investissement) is the official representative body for the Luxembourg investment fund industry and was set up in November 1988 to promote its development.ALFI's Articles of Association were amended in April 2000 and, as well as investment funds, the association now includes a wide selection of service providers: custodian banks, fund managers and administrators, transfer agents, fund distributors, law firms, consultants and tax advisers, auditors and accounting firms, IT services companies, etc.

Lipper, a Thomson Reuters company, is a global leader in supplying mutual fund information, analytical tools, and commentary. Lipper's benchmarking and classifications are widely recognized as the industry standard by asset managers, fund companies and financial intermediaries. Their reliable fund data, fund awards designations and ratings information provide valued insight to advisors, media and individual investors.

EFAMA is the representative association for the European investment management industry. EFAMA represents through its member associations from 24 member associations and 42 corporate members about EUR 13.5 trillion in assets under management of which EUR 7.3 trillion managed by around 51,000 investment funds at end March 2008.