Custodians close ranks over AIFM proposals

Global custodians have gone to ground over the looming European legislation on alternative investment fund managers (AIFM) which could be passed as early as July. No one is commenting publicly as crunch time approaches, but they are all working on this behind the scenes - understanding the proposals and lobbying the regulators. Off the record, custody executives say it is a headache, and hope the new laws will not be an overreaction to the role of hedge fund managers in the financial …