New rules governing the alternative fund management industry in Europe could lead some private equity firms and hedge funds to leave the region, according to almost half of respondents to a new survey on the impact of the controversial AIFM directive.

Forty five percent of respondents to the study - compiled by Preqin and covering more than 100 alternative assets fund managers and investors - thought it "likely" or "very likely" that fund managers would relocate outside Europe as a result of the Alternative Investment Fund Managers directive.