Eurovision for Funds Not Sweet Music for Non-EU Managers

Since 1956, perennial international song competition Eurovision has been one of the longest running and most watched non-sporting television events in the world. Eurovision has also helped to launch international singing superstars like ABBA and Celine Dion. One of my own personal favorite Eurovision tidbits is that one of Dean Martin’s classic songs “Volare” was originally a Eurovision winning song for Italy in 1958 called “Nel blu dipinto di blu” sung by Domenico Modungo.

The major European fund domiciles have fared well in the song contest: Ireland holds the record for most wins (seven) and the UK and Luxembourg have won it five times each. In recent years, Eurovision has extended to allow countries beyond Europe, such as Australia and Israel, to participate. However, when it comes to allowing non-EU countries participate in the future distribution of alternative fund distribution across EU member states, it looks like third-country distributors will not make the finals. Here, we assess whether the AIFMD third-country passport has met its Waterloo