The UK’s alternative investment industry has been vocal in expressing its indignation over the European Commission’s proposed alternative investment fund managers directive. The US, in contrast, has gone about its business rather quietly.

The Managed Funds Association (MFA), the US hedge fund trade group representing 2,100 mainly stateside managers, has taken a behind-the-scenes approach to thwart the European Union plan to bar US along with other non-EU managers from pitching their funds in the region or managing delegated portfolios for EU investors.