The vehicle of choice for such efforts is the Undertaking for Collective Investment in Transferable Securities (UCITS).

FORBES: U.S. Hedge Funds Contemplate Going European

Whereas Europe has its UCITS funds, accepted in all EU countries, there is no pan-Asian marketing vehicle for hedge-fund managers.

ECONOMIST: Hedge funds in Asia

Recently though, Brussels has liberalized the UCITS rules to permit many hedge fund strategies to fit within the confines of this EU-wide passport.

FORBES: U.S. Hedge Funds Contemplate Going European