The European Funds and Asset Management Association has issued a press release stating that it has been following very closely the legitimate questions being asked about UCITS funds.
This is as a fallout from the Madoff scandal UCITS funds had served as bridges between Mr Madoff and certain end-investors.
EFAMA is convinced that a detailed analysis of the responsibilities of all European parties involved is essential in order to maintain investor confidence in what is Europe’s leading savings product, namely the UCITS fund.
EFAMA reasserts that the current UCITS Directive provides for extensive investor protection mechanisms, notably those concerning the duties of the depositary bank to safeguard and oversee assets, and supervise operations and the duty of due diligence for fund managers investing in funds.