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Showing 171 - 179 of 179 matches filtered by 'Asset management'

  • FSA: Conflicts of interest between asset managers and their customers - identifying and mitigating the risks

    27/11/2012
    Further to FSA's paper of earlier this month (billed as a "Dear CEO" letter), this short note sets out what is... required of firms who received the "Dear CEO" letter (ie. that they must complete the form of attestation in Appendix 1 of the paper and return it to FSA by 28 February 2013) and those who did not (that their senior managers should read and consider the findings, review operations and ensure compliance).  FSA has published this note for completeness.
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  • FSA: Speech by Tracey McDermott: Combating financial crime: key themes and priorities for 2013 (15 November 2012)

    15/11/2012
    Text of the above, given at an APCIMS conference, follows. Topics include: progress towards FCA; thematic reviews into AML and... asset management firms; investment fraud and market abuse. She concludes: “where financial crime risks, which may have been simmering away without attracting much management attention for some time, do blow up, they can pose almost existential threats to the businesses concerned. Who, at the start of the year, would have predicted a big British bank would have the future of its banking license in New York called into question by the regulators there? I hope the lessons from this summer are clear. I certainly hope wealth managers are not taking an ‘it couldn’t happen here’ attitude to these dangers. I am assuring you: it could”.
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  • FSA: Conflicts of interest between asset managers and their customers: Identifying and mitigating the risks

    09/11/2012
    The FSA today published its findings of a months-long review of how asset management firms deal with conflicts of interest. ... The FSA found that many firms had failed to establish an adequate framework for identifying and managing conflicts of interest, due mainly to the office culture at these firms. In most cases, senior management was found to be ultimately responsible for this adverse office culture. The FSA is considering enforcement action against the worst offenders and is planning a second round of thematic visits on conflicts of interest.
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  • BoE: Speech by Robert Jenkins: Investors: speak now or forever hold your peace (9 October 2012)

    10/10/2012
    Text of the following, given at the CFA UK's Annual Chairman's Dinner, follows. He argues: “What stakeholder group other than the... investment management industry has the combination of financial expertise, credibility and clout sufficient to counterbalance the banks and so better shape the outcome of the debate? None. Alas, no stakeholder group has been more silent. … I suggest that you give priority to the issue of leverage and its mirror image – bank equity capital … the old financial structure has crumbled and a new edifice is rising. But its foundation is flawed, the walls are thin and the beams are brittle. You did not design it. You are not building it. But you and your clients will have to live in it. So please check the plans and the motivations of those influential in its fabrication”.
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  • ESMA: Speech by Steven Majoor: Challenges in the European supervision of asset management (9 October 2012)

    10/10/2012
    Text of the above, given at the BVI Asset Management Conference, follows. Topics include: ESMA as an organisation; the single... rule book; investor protection (including advice under MiFID with regard to inducements); financial stability and crisis management; credit rating agencies and ESMA’s work on investment funds (including ETFs, complex products; shadow banking and AIFM Directive – with regard to the last of these it is noted that ESMA is in the process of finalising a consultation on types of alternative investments).
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  • FSA: Speech by Clive Adamson: Supervision of asset managers under the FCA (25 September 2012)

    26/09/2012
    Text of the above, given at FSA’s asset management conference, follows. Topics include: the FCA supervision model; changes to supervising... wholesale conduct; conduct risks for asset managers (including details of specific concerns FSA is currently looking at, such as the role of the ACD and absolute return products).
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  • FSA: Speech by Martin Wheatley: My vision for conduct regulation and how it will affect asset managers (25 September 2012)

    25/09/2012
    Text of this speech, given at FSA’s asset management conference, follows. Topics include: the role of the asset management sector;... issues within the sector (charging; competition; view of consumers; FCA and culture change. He notes: “At the heart of the FCA will be a new department that acts as the radar of our new organisation – combining research into what is happening in the market and to consumers, and better analysis of the risks out there. They will then feed that in to our policymaking and our supervision of firms. We want to really understand what is happening to your customers, the deal they are getting and the issues they face”.
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  • IMA: Appointments

    13/09/2012
    IMA has appointed four new Board members: Hugh Mullan (UK MD, Fidelity Worldwide Investment)l Mark Zinkula, )CEO, Legal & General Investment... Management) ; Andrew Formica (CEO, Henderson Global Investors and Andrew Laing (Deputy CEO, Aberdeen Asset Management). The following Board members stood down: Helena Morrissey (CEO, Newton Asset Management); Alain Dromer (former CEO, Aviva Investors) and Bill Smith (CEO, Lazard Asset Management).
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  • IMA: Adherence to the FRC’s Stewardship Code at 30 September 2011

    14/06/2012
    IMA’s second annual survey on adherence to the Stewardship Code by asset owners, asset managers and service providers has found that... institutional investors have increased their engagement with investee companies, leading to a positive influence over corporate behaviour. It notes that all managers and owners of those surveyed now have a public policy statement outlining their responsibilities under the FRC Code. In 2010, six respondents only had a statement that they intended to commit to the Code
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