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A single market for hedge funds

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In the past decade significant progress has been made in achieving a single European market for investment funds. The ratio of cross-border fund flows has reached an estimated level of more than 20%, and in some European countries the number of registered non-domestic investment funds exceeds that of domestic funds. These are important achievements for the industry. A true single market in the fund business is not just ‘nice to have’. Only an enlarged and unified single market will allow the industry to achieve economies of scale. Today, the average fund size in the U.S. is six times that of Europe. The same is true for economies of scope. 25,000 funds in Europe do not reflect variety in offers but duplication of product types. The evolution of business models will depend to some degree on the single market, e.g. the larger and more integrated the market the better the opportunities for niche providers.

Suggested Citation

  • Mansfeld, Wolfgang, 2004. "A single market for hedge funds," Journal of Financial Transformation, Capco Institute, vol. 10, pages 80-81.
  • Handle: RePEc:ris:jofitr:1348
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    Keywords

    Hedge funds; hedge fund regulations;

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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