An Alternative Investment Fund (AIF) is a special fund managed by an Alternative Investment Fund Manager (AIFM). A licence pursuant to the AIFMG is required to manage an AIF. In addition AIFMs may also demand a licence for the provision of investment services (e.g. individual portfolio management, investment advice, placement of orders). A registered AIFM is basically not allowed to advertise their AIF to private customers or on a cross-border basis.
German: Alternativer Investmentfonds Manager (AIFM) (53)
Source: FMA AT m. e. E., 30.10.2018