Opciones de estructuración de fondos: uso de fondos paralelos para mejorar la formación de capital
Los gestores de fondos estadounidenses que buscan satisfacer las diversas necesidades de los inversores a menudo se plantean la creación de más de un vehículo legal que cumpla con los requisitos específicos de los inversores y, al mismo tiempo, funcione como una única estrategia de inversión o «fondo». Esta es la esencia de uno o más fondos paralelos.
Side-by-Side Funds for Retail
When it comes to retail funds for individual investors, fund formation choices are limited by local regulations and customs. The Investment Company Act of 1940 introduced the proposition from its inception that only funds domiciled in a state of the United States could be marketed to the public in the United States.
The rest of the world has taken note, and has (except within the European Union) essentially adopted similar regulatory propositions excluding marketing of extra-territorial retail funds. For example, the European Union excludes, in principle, marketing of retail funds that are not organized in a member state. Coupled with tax policy that favors domestic “regulated investment companies” in the United States and European Union “undertakings for collective investment in transferable securities” (UCITS) domiciled in individual member states of the European Union, as prominent examples, US fund managers of retail funds are compelled to adopt “side-by-side” funds when marketing their strategies globally. For European strategies, an entire industry stands ready in Luxembourg to host US fund managers’ retail investment strategies on UCITS platforms. That said, this article will focus on some structures allowing US managers to target professional investors globally.
