Predictions that the mutual fund industry will embrace elaborate alternative strategies, driven in part by European regulatory changes, may be a bit preliminary, according to some state-side asset management executives.

The argument, advanced by KPMG, TABB Group and a growing number of investment advisors, is that in the wake of the European Union's 2006 Ucits III reform, both European and North American customers will flock to alternative investment vehicles, including those that park money in derivatives and hedge funds.

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