3. Key issues impacting the Fund Industry
in 2013 and beyond
Moderator: Diana Mackay, Chief Executive Officer,
MackayWilliams, London
Panelists: Daniel Godfrey, Chairman, IMA
Jamie Hammond, Managing Director – Europe,
Franklin Templeton Investments, London
Joseph V. McDevitt, Managing Director, PIMCO Europe Ltd.,
London
Marc Saluzzi, Chairman, ALFI
Jonathan Willcocks, Managing Director, Global Head of
Retail Sales, M&G Investments, London

4. 1. A commission ban is already in place in the UK
1. A commission ban is already in place in the UK. Who do you think has lost out most from this commission ban?
IFAs/financial advisers
Discretionary financial advisers
Asset managers
Consumers
Fund platforms
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5. 2. Looking at wider Europe and the potential ban on commissions - Who will be the biggest winners of a pan- European Commission ban?
Independent financial advisers
Private banks and wealth managers
Retail bank distributors
Asset managers
Consumers
Fund platforms
No one?
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6. 3. On what kind of funds is the addition of a performance fee justifiable?
Funds using sophisticated strategies
Any active funds
Any fund, if annual charge is reduced to compensate
None
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7. 4. Looking at your product range today, what will be your focus in terms of improving your distribution impact?
Local range
Regional range
Global range
A mixture
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8. 5. Which regional markets were the most successful for you in 2012?
Europe
Asia
Latin America
Middle East
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9. 6. Where do you believe the new global opportunities are to be found?
Mexico
Brazil
India
China
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10. 7. What action do you think is most likely to restore the confidence of investors or widen the pool of long-term savings into funds?
Improved market climate
Regulation, including a retrocession ban
Consumer educational initiatives
Access to cheaper, simpler products
Industry action to promote the investment fund brand
No action required or likely to be effective
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11. 8. How would you currently define the most pressing need of retail investors?
Simplicity
Higher returns
Transparency
Lower risk
Lower costs
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12. 9. How would you currently define the most pressing need of institutional investors?
Simplicity
Higher returns
Transparency
Lower risk
Lower costs
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13. 10. As a result of current regulatory developments, what would you consider the most complex operational issue on your desk?
Substance requirements management including transfer pricing consideration
Derivatives trading
Risk management
KIID production and dissemination
Number and diversity of ongoing IT projects
Tax reporting
Other
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14. 11. Where do you see new areas of growth?
New funds
Demographics forcing greater pensions savings
Appealing to a new generation
No action necessary
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15. AIFMD Opportunities & Challenges
Moderator: Claude Niedner, Partner, Arendt & Medernach
Panelists: Martin Dobbins, Managing Director, Country Head
Luxembourg, State Street Bank Luxembourg
Alain Kinsch, Country Managing Partner
Luxembourg, EMEIA Private Equity Funds Leader,
Ernst & Young
Alexander Nightingale, Director Legal, BlackRock
Investment Management Ltd., London
John Siena, Head of EMEA External & Regulatory
Affairs, BNY Mellon, London

16. 1. What will be the impact of the AIFMD on international onshore centers versus offshore centers?
The position of international onshore centers will be strengthened
The position of international onshore centers will be weakened
The position of international onshore centers will not be impacted
Too early to say
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17. 2. Where do you expect AIFMs to be domiciled in the future?
In the financial centers for asset management
In the fund jurisdictions
In both, depending on the relevant asset class (PE/RE versus Hedge)
Outside of Europe
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18. 3. Are you of the opinion that the new rules on depositories will have as a result that:
The increase of costs for depositories will be significant and asset managers will avoid being in scope of the AIFMD
The increase of costs will be marginal and will be outweighted by the advantages conferred by the AIFMD
There will be no impact on costs for depositories
The costs will decrease
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19. 4. Going forward, do you expect AIFs to be marketed with or without the EU passport?
With the EU passport, because AIFMD compliant funds will be the standard for European professional investors
With the EU passport, because private placement regimes at national levels will be too restrictive
With the EU passport, because of 1. and 2.
Without the EU passport, because AIFMD requirements are too onerous
Without the EU passport, because national private placement rules will fit the purpose
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20. 5. For Alternatives Managers: How do you rate the impact of AIFMD on your business?
This is just a compliance exercise resulting in additional cost with no real impact on our business model
It does not impact our business model but it does significantly impact our operational, legal and/or governance model set-up
It impacts our business model, in terms of fund raising and/or investment focus
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