We will shortly have master/feeder fund structures available as UCITS funds. The new Chapter VIII of the re cast UCITS Directive introduces the long awaited option whereby a feeder UCITS invests all or almost all of its assets in one other UCITS - the master UCITS. With the publication of a Commission Implementing Directive of 1st July which includes the Level 2 provisions on the details of the relevant provisions, managers can now, subject to some details of Member States' implementing provisions, start to assess whether this new structure offers some new product design options for them. We now have the HM Treasury and FSA consultation paper which sets out how the UK plan to facilitate use of UK funds in master / feeder structures. So UK based fund managers can start to plan whether the new possibility might be of interest to them.