Managing UCITS funds
Managing a UCITS fund, the EU's harmonised retail fund format, needs a fund manager licence under the UCITS Directive, Article 6 and Annex II. Strict portfolio diversification rules, eligible asset criteria and statutory liquidity safeguards apply throughout, and the licence carries both a management and a marketing passport across the EEA.
Definition
Managing undertakings for collective investment in transferable securities, the EU's retail fund format.
- UCITS, Art. 6 and Annex II: official text
Which licence you need
Licence families that typically permit this activity:
- FM · Abu Dhabi Global Market (ADGM)
Fund manager licence
Financial Services Permission for Managing a Collective Investment Fund (Category 3C)FSRA
- FM · Bermuda
Fund Administrator Licence
Fund Administrator Licence (Part III, Investment Funds Act 2006)BMA
- FM · British Virgin Islands
Fund manager licence
BVI mutual fund recognition (private/professional fund), registration (public fund) or approval (incubator/approved fund) - funds are recognised/registered/approved, not 'licensed'BVI FSC
- FM · Cyprus
UCITS Management Company authorisation
CySEC
- FM · Czech Republic
Investment Company / Fund Manager licence
CNB
- FM · Dubai International Financial Centre (DIFC)
Fund manager licence
Financial Services Permission for Managing a Collective Investment Fund (Category 3C)DFSA
- FM · Estonia
Operating licence as a fund management company
FI
- FM · France
Portfolio management company authorisation
AMF
- FM · Germany
Investment management company licence
BaFin
- FM · Ireland
UCITS Management Company Authorisation
CBI
- FM · Luxembourg
Management company authorised
Management company authorised under Chapter 15 of the Law of 17 December 2010CSSF
- FM · Netherlands
Fund manager licence
Undertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/ECAFM
- FM · Poland
Investment Fund Company licence
KNF
- FM · Seychelles
Fund Administrator's Licence
Fund Administrator's Licence (and Restricted Fund Administrator's Licence) under the Mutual Fund and Hedge Fund Act 2008FSA
- FM · Spain
Fund manager licence (SGIIC)
CNMV
Where it can be licensed
Frequently asked questions
Can a UCITS management company manage alternative investment funds as well?
Yes. A management company can hold dual authorisation, as a UCITS management company and a full AIFM at once, commonly called a Super ManCo. That single entity then manages both retail and alternative funds under one roof.
What diversification requirements apply to UCITS funds?
A UCITS fund's exposure to a single issuer's securities is tightly capped, and its aggregate large exposures cannot exceed the diversification ratios the directive sets. These portfolio concentration limits apply to every UCITS fund without exception.
Sources
- UCITS Art. 6 and Annex II · retrieved 2026-09-24
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