U.S. money managers are opposing European Union’s (EU) rules aimed at alternative investment managers, Pensions & Investments reports. The Alternative Investment Fund Managers directive applies to any fund structure that is not regulated under the Ucits.

Firms, including Northern Trust and BNY Mellon are lobbying the EU, while State Street and BlackRock have submitted responses to a call for evidence from the EU. The European Securities and Markets Authority, consisting of regulators from EU member states, has been appointed with working out the details of the rules.

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