In last week's Talking Head column, Jean-Pierre Casey said: "Daily liquidity is a key requirement for a fund to qualify as a Ucits".

In fact, the minimum requirement for a fund to be Ucits compliant is to publish its net asset value twice monthly. However, some Ucits funds, such as those composed entirely of over-the-counter derivatives and French OPCVM funds with at least €150m under management, need to be valued daily. Mr Casey's main point remains; Funds of hedge funds and other alternative investments will have great difficulty meeting Ucits liquidity requirements.