By hedge funds, we mean Undertakings for Collective Investment that display some or all of the following characteristics:
follow an alternative investment strategy
use short selling, derivative products and high levels of gearing
seek absolute performance rather than measuring their performance against an index
apply a performance fee in addition to the management fee that is based on assets under management
offer the fund managers much greater liberty to alter strategy
use a prime broker which, in addition to asset custody, offers order execution, clearing and financing services
Luxembourg offers a variety of regulated and non regulated structures that can be used to set up a hedge fund. These are:
undertakings for collective investment in transferable securities (UCITS), regulated by the EU Directive in this field, the shares or units of which can be sold to all types of investor
undertakings for collective investment under Part II of the 2010 law on UCI, which allows wider scope for investment
the Specialised Investment Fund (SIF), reserved for use by informed investors
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