Prinzipien der kollektiven Vermögensanlage

Dirk A. Zetzsche analyzes the private ordering of investment funds in eight jurisdictions. Considering among other things the relevant provisions of both the AIFM Directive and the UCITS Directive on the constitution of investment funds, he shows that none of the legal forms in which investment funds are constituted - trust, contract, partnership and corporation - reflect the true nature of investment funds. The author reveals that the unfitting legal forms lead to a deviation from the formal pressure to which a broad interpretation of contractual freedom as well as the judicature contributed. He demonstrates the consequences of this deviation from »form« to »substance« in the life cycle of investment funds.