On 4 August 2009, the Alternative Investment Management Association (AIMA) warned that the European Commission’s draft Directive on Alternative Investment Fund Managers could cost Europe’s pension fund industry up to €25 billion a year if implemented in its current form.  

AIMA produced the estimated figure based on the estimated assets under management of the European pension fund industry, the estimated allocation to alternative investments by European pension funds, and the estimated reduction in returns they could face if the Directive went through in its current form.  

View European Directive could cost European pension industry 25 billion euros annually, 4 August 2009