NOISES coming out of Brussels suggest that the much-hyped alternative investment fund managers directive is heading towards a compromise that would appease the local funds industry, it has been claimed.

Jarrod Cowley-Grimmond, director of finance sector development at Commerce and Employment, gave the update while speaking to local finance professionals at the Association of Investment Companies’ first Channel Islands conference for Guernsey and Jersey directors.

He has been leading the States’ response to the directive for many months alongside colleagues from Jersey as the two islands look to work together in their lobbying efforts in order to develop a common approach to the issue, which could threaten the future of both islands’ funds industries.

Mr Cowley-Grimmond (pictured) said that a vote expected to be taken on the directive this month looked likely to be postponed until October at the earliest, but even if that did happen there were signs that representatives from the Belgian presidency of the EU were favouring a parallel regime which would take into account and merge the wishes of both the European Council and the European Parliament, who between them have been pushing two variations of the directive in recent months.

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