TABLE OF CONTENTS
ABOUT DATAMONITOR 2
MARKET CONTEXT- ISSUES AFFECTING THE FUTURE GROWTH OF THE PRIVATE CLIENT HEDGE FUND MARKET IN EUROPE 8
Introduction 8
Changing regulation in Europe’s private client hedge fund market 10
Pan-European regulation 10
UK 12
France 13
Germany 15
Italy 16
Spain 17
Other European Countries 18
US- a comparative example 18
Conclusion: The impact of regulatory changes on the growth of the HNW hedge fund market 20
Pricing and performance issues 20
Performance 20
Impact of equity markets 21
Fee structures 23
Conclusion: Performance and pricing issues 24
Compliance and clarity issues 25
Valuation 25
Disclosure 26
Internal compliance 27
Conclusion: Compliance and clarity issues 27
Distribution factors 28
Conclusion: Distribution factors 29
MARKET SIZING AND FORECASTS - THE HNW HEDGE FUND INVESTMENT MARKET IN EUROPE 30
Estimated size of the market for European HNW investment in hedge funds in 2002 30
Estimated size of the European HNW hedge fund market forecast 2002e to 2007f 32
APPENDIX 34
Supplementary data 34
Definitions 35
Research methodology 36
Estimated size of the market for European HNW investment in hedge funds in 2002 36
Estimated size of the private client hedge fund market in Europe forecast 2003e- 2007f 39
Further reading 41
Datamonitor Global Wealth Service: Reports 41
Datamonitor Global Wealth Service: Insight Reports 41
Datamonitor Global Wealth Service: Competitor Tracking 42
Related Savings & Investments SPP Reports 42
Datamonitor’s Global Wealth Model 43
Datamonitor Financial Services Consulting 44
SPP writing team 45