In 2006, for the fourth year in a row, the investment fund industry in Europe has recorded a strong rise in business, reports the European Fund and Asset Management Association (EFAMA) in its recent annual report, the EFAMA Fact Book 2007. In 2006, more than €540bn of new capital was invested in European funds (up from around €500bn in 2005). An updating of the EU UCITS directive and the introduction of the conditions required for a Europe-wide savings and pensions savings products are...