The European Union still has a long way to go to create a level playing field for the creation, marketing and running of cross-border funds — a key factor in the potential success of the Capital Markets Union project — according to some of the world's largest fund managers.

The CMU is focused on improving access to funding for investors and businesses across the 28 member states. The plan was formally launched earlier this year by Lord Hill, the European Commissioner for financial services, and it is earmarked to be in force by 2019.