Germany beckons
Germany liberalised its investment and tax regime earlier this year to encourage domestic hedge funds and loosen its regulation of marketing some hedge fund products. Hans Stamm of Clifford Chance (Frankfurt) explains how to tackle the Teutonic market
At the beginning of 2004, Germany enacted a new investment fund regime allowing for the first time the setting-up and marketing of hedge funds including funds of hedge funds to German private and institutional investors.
Market sources say eight hedge funds and funds of hedge funds (FoHFs) were licensed with Germany's Financial Services Supervisory Authority (BaFin) in the first half of 2004, and total investor inflows reached about €500m.
A further increase of German investor demand for hedge
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