IT WILL be business as usual for Guernsey’s fund industry following EU approval of the alternative investment fund managers directive, according to the local sector’s representative body.

The European Parliament’s approval last week of a new set of rules for the hedge fund, private equity and alternative investment sectors brings to a close more than 18 months of debate across the globe about how the final version of the directive should and would affect the funds market.

From a local perspective, there had been great concern that if the final draft was not sympathetic to Guernsey it could have decimated the island’s strong funds industry and led to thousands of job losses.

New Guernsey Investment Fund Association chairman Patrick Firth (pictured) said the directive’s approval was good news for the island because it removed the uncertainty that had surrounded the funds industry since debate on the issue began back in April 2009.

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