AIMA welcomes proposed IMR legislation
The Alternative Investment Management Association (AIMA), the global hedge fund industry association, has welcomed proposed changes to Australia’s Investment Manager Regime (IMR) legislation released by Treasury.
Paul Chadwick, Chairman of AIMA Australia, said the proposed changes should help to unlock significant potential within the local investment sector and make Australia a more dynamic and vibrant hedge fund centre in Asia-Pacific.
“We commend Treasury for its thorough and considered approach to formulating an IMR that addresses many impediments that have deterred investment into Australian based hedge funds,” Mr Chadwick said.
“AIMA has worked closely with Treasury over the last four years to bring local and global intelligence to the IMR policy discussion and we are very pleased to see that many of our recommendations have been incorporated,” he said.
“We believe the IMR in its amended form will bring clarity to the taxation treatment of foreign capital invested in Australia, and so will benefit the Australian hedge fund management industry. It will bolster local fund inflows and appeal to international funds considering expanding operations to Australia.”
However, Mr Chadwick said that AIMA will continue to voice its concerns to the government about aspects of the IMR legislation which could penalise smaller funds and funds in the process of growing their investor base.
AIMA will be conducting member events to discuss the implications of the draft changes and will consider submitting a further response to the government.
Industry consultation for this fourth IMR draft legislation ends 9 April 2015.
