The Investment Management Association (IMA) has issued a press release stating that it will include offshore funds in its sector classification system beginning 1 April 2010.

Jane Lowe, Director of Markets at the IMA, commented:

"The UCITS passport is intended to make cross-border funds available to investors in all European countries. The inclusion of offshore funds into IMA sectors is a natural evolution for our classification system and takes account of the intended flexibility for distributing European funds. The change should make a wider choice of funds available to investors and allow offshore fund providers to market their funds on an equal footing to UK domiciled funds."

View IMA announces admittance of offshore funds to IMA sectors, 23 March 2010