Luxembourg-based legal and compliance specialist Zeidler Group has supported the launch of a new open-source fund prospectus template designed to make fund documentation cheaper to produce, quicker to update and easier for investors to understand.
The initiative, led by Global Asset Management Standards (GAMS), brings together industry professionals in an effort to modernise one of asset management’s most complex and time-consuming documents.
GAMS, a not-for-profit, pan-Atlantic working group, collaborated with consultancy More Carrot to develop the template. Senior representatives from Schroders, Brown Brothers Harriman (BBH), Zeidler Group and other market participants contributed on a voluntary, pro bono basis throughout 2025. The completed prospectus framework is now freely accessible to the industry via GAMStandards.com.
Since the introduction of SICAV prospectuses in the 1980s, fund documentation has steadily expanded in length and technical detail. Much of this growth has been driven by additional risk disclosures and regulatory safeguards. While compliance standards have strengthened, many in the industry argue that usability has deteriorated.
Lengthy documents, often running well over 100 pages, can be difficult for investors and intermediaries to navigate. The newly developed template seeks to address this imbalance through a modular design that retains regulatory robustness while improving structure and readability.
Survey data gathered by More Carrot from 16 of its largest clients — collectively representing more than 1,000 funds and over $1trn in assets under management — suggests tangible operational benefits.
Nine respondents reported cost efficiencies, while eight experienced shorter review times from Luxembourg’s regulator. Eleven firms said prospectus updates could be completed more quickly, and 13 cited improved feedback from intermediaries and greater consistency between compliance and marketing teams. The modular approach has also demonstrated the potential to reduce overall document length by between 50% and 70%. In one comparative case, a UCITS prospectus was shortened from 183 pages to 56 without removing mandatory disclosures.
A key feature of the template is its emphasis on plain language and reusability. Content blocks can be replicated across marketing materials and Key Information Documents, helping firms minimise duplication and maintain alignment between departments.
More Carrot founder Josiah Fisk said, “Prospectuses have often been produced primarily to obtain regulatory approval, rather than to serve the investor. This work shows that it is possible to meet regulatory requirements while creating documents that are clearer, shorter and more efficient to maintain.”
Zeidler Group head of US Scott Parkin said, “If you look at the evolution of UCITS since 1985, you see a document that has continually expanded through successive layers of risk mitigation. The result has been prospectuses that are difficult to navigate for all users. The key innovation in this template is its modular structure, which continues to support risk mitigation while allowing information to be presented in a more digestible and practical way.”
The template has been developed primarily for Luxembourg SICAV structures but can be adapted for FCPs and non-UCITS vehicles, including SIFs. Further jurisdiction-specific versions could be introduced, subject to demand and the involvement of local specialists.
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