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Abstract
The authors analyze the undertakings for collective investment in transferable securities directives (UCITS) “hedge funds,” also called newcits or alternative UCITS, which are European Union (EU)-regulated investment vehicles. This regulatory regime allows for a relatively large degree of latitude and is thus potentially attractive to hedge funds managers. Investors, however, are clamoring for more regulations in the alternative space, which helps to explain why more and more hedge fund managers are now offering onshore alternative products or alternative UCITS. After examining the performance of alternative UCITS and comparing them to the performance of hedge funds, the authors do not find any conclusive evidence that the less-regulated hedge funds outperform their regulated competitors on a risk-adjusted basis. Regulatory environments are likely to play an increasing role in how hedge funds will operate. Alternative UCITS managed in aggregate €127 billion in March 2012 and seem to have become thus far the most popular vehicle to bring hedge funds onshore.
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