Newsletter-21

244 NEWSLETTER 2016 of the alternative investment market, especially in terms of private equity investments. Particularly, during the last decade, fast changes in the global economic environment triggered asset management to social and economic change. In the meantime, the lack of stability in long-term investment returns increased the need for sustainable long-term investment returns and the attention paid to alternative asset management 5 . Overview of the Concept of Alternative Investment Investment funds are specially formed investment vehicles, cre- ated only with the purpose of gathering assets from investors, and investing those assets in a diversified pool of assets. Such investment in investment funds provides small investors with the opportunity of exposure to a professionally-managed and diversified range of finan- cial or other assets. Before the explanation regarding the alternative investment con- cept, please note that since its introduction in 1985, an undertaking for collective investments in the transferable securities (“UCITS”) fund has evolved into a European brand with international recogni- tion, especially after its regulation at the European level. The final directive on UCITS, i.e. Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to under- takings for collective investment in transferable securities adopted on 23 July 2014 (“UCITS Directive”) has offered European investors a wide range of high quality and safe investment products. UCITS funds gained popularity, not only in Europe, but also in South America and Asia among investors preferring not to invest in a single limited pub- lic company, but rather to invest in diversified unit trusts, spread out within the European Union (“EU”) 6 . (CUP 2010), Chapter 6 “Debt Funding”(“Yates & Hinchliffe”). 5 Alternative asset management 2020 Fast forward to centre stage - PwC 2015 - https://www.pwc.com/jg/en/publications/alternative-asset-management-2020. pdf (Accessed on 03/01/2017) (“PwC”). 6 Undertakings For The Collective Investment Of Transferable Securities – UCITS http://www.investopedia.com/terms/u/ucits.asp (Accessed on 30/12/2016).