More than half of UK alternative fund managers that fall within the scope of the Europe-wide Alternative Investment Fund Managers Directive have yet to apply for the necessary authorisation, leading to fears that many firms will not be ready for the July deadline.

A total of 361 UK alternative investment fund managers had applied to UK regulator the Financial Conduct Authority for authorisation as of February 21, out of an anticipated 776, according to FCA figures obtained by regulatory consultancy Bovill through a freedom of information request.