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Showing 171 - 180 of 188 matches filtered by 'Asset management'

  • FCA: Speech by David Lawton: Investor relations in an increasingly regulated and international world (18 June 2013)

    19/06/2013
    Text of the above, given at the Investor Relations Society Annual Conference, follows. He discusses key issues in the regulatory... world for investor relations (the UK’s new regulatory structure; FCA’s objectives and approach, particularly with regard to UKLA and wholesale conduct; observations on the international landscape). He also considers FCA’s work on corporate access. He notes: “Reports of investment banks charging asset managers several thousand pounds an hour to meet with CEOs of their investee companies suggests that some of the current practices could be pushing out the sort of long-term investors needed for good stewardship in favour of those willing to stump up the cash. No one comes out well in these kind of stories. We need to have a conversation about how industry can yield better the benefits of corporate access and improve practices so that corporate access supports long-term stewardship … Data shows that the corporate access costs of the asset management sector are not going down. The most recent Thomson Reuters Extel survey shows that a quarter of what asset managers reward the sellside for is corporate access. Our recent supervisory work has highlighted to us that this an area where firms can do more work to manage their conflict of interest. There is also scope for firms to provide investors with more assurance that they exercise the same degree of oversight of expenses paid by the fund as they would if they paid for the same services themselves. This is an area where we believe greater transparency over cost would be of advantage to clients. We will have a full and open discussion with industry to reach the right outcome for investors and help build further trust in the sector”.
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  • FCA: Speech by Martin Wheatley: Regulation as a spur to growth (5 June 2013)

    06/06/2013
    Text of the above, given to IMA, follows. Topics include: FCA’s responsibilities and the “3 C’s” for asset managers (cooperation,... competition and client focus). He concludes: “good regulation should complement the trust and respect you earn through professional conduct, by providing a measure of confidence in our economic structures”.
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  • BIS/BERR: Fiduciary duties of investment intermediaries

    26/03/2013
    BIS/BERR has published the ToR for the Law Commission’s review of fiduciary legal duties of investment intermediaries which asks the Law... Commission to set out what the current law requires pension trustees, investment managers and other financial intermediaries to consider in deciding an investment strategy. The Law Commission will publish a consultation by autumn 2013, followed by a report with recommendations in 2014.
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  • BIS: Information flows in dark markets: dissecting customer currency trades

    07/03/2013
    This BIS working paper considers order-flows of different customer segments in the foreign exchange market. Among the conclusions: “asset managers,... for instance, tend to be trend-followers, whereas individual investors behave as contrarians. Hedge funds (on aggregate) do not seem to fall in any of these two categories”.
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  • FSA/HMT: CP12/40**: Financial Conglomerates Directive - Technical review amendments

    21/12/2012
    This joint consultation sets out the way in which the UK intends to implement the amending Directive. The key amendments... are changes to the application of conglomerate supervision to ensure it does not substitute sectoral supervision when a group is headed by a bank, or insurance holding company. Amendments to conglomerate capital calculations methodology, the inclusion of asset management companies and alternative investment fund managers within the conglomerate identification process, and changes to conglomerate identification thresholds triggers. Proposals are also made for conglomerate stress testing. Responses are required by 21 March 2012.
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  • FSA: “Dear CEO” letter: Review of outsourcing arrangements in the asset management sector

    11/12/2012
    The letter notes that FSA is assessing the risk to its objectives arising from asset management firms outsourcing operational activities to... external service providers. Discussions and research undertaken by FSA have identified that the asset management industry outsources a growing number of activities, and that the small number of outsource providers are usually part of complex international banking groups. At group level, these organisations will have balance sheet exposure to activities other than the provision of outsourcing activities. FSA’s concern is that if an outsource provider were to face financial distress or severe operational disruption, UK asset managers would not be able to perform critical and important regulated activities, thereby causing detriment to customers. FSA states that it is not confident that across the industry, effective recovery and resolution plans are in place for the asset management sector as a whole and raises several specific concerns. It is asking firms to review their current contingency plans taking into account the observations in this letter to ensure compliance with their obligations under SYSC 8.
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  • 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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