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Deloitte: Trust diversity could be hit by AIFM

Deloitte has warned that proposals in the European Commission’s alternative investment fund managers directive to bring investment trusts under the FSA’s approved persons’ regime could harm diversity on trusts’ boards.

The directive aims to bring alternative investment fund managers operating within the EU under one regulatory framework. EU member states must implement the directive into law by July 2013.

Currently, investment companies are regulated by company law rather than the FSA. Under the directive, if the investment company itself elects to be the alternative investment fund manager, rather than appointing an external manager, directors will have to be approved by the FSA.

Deloitte partner Stuart McLaren says: “Directors will have to provide details of their experience and background and the FSA will have the ability to reject them.

“It would make most people nervous to apply for authorisation from the FSA, especially when they have not done so before. It could harm the diversity of opinion on boards if they are limited to those directors approved by the FSA.”

Martin Currie head of product development Toby Hogbin says: “Bringing investment trust directors inside the FSA’s approved persons’ regime will incur additional cost and effort for investment trusts and the benefit to investors is questionable as there are already significant oversight obligations imposed by the UK Listing Authority’s listing regime.”



SVM “mystified and disappointed” by Hargreaves Lansdown

The removal of the SVM UK opportunities fund from the Hargreaves Lansdown Wealth 150 has provoked a strong defence by the asset manager. The fund was removed from the Wealth 150 list after the Bristol-based firm claimed that it had “struggled to outperform in recent years”. Meera Patel, senior analyst at Hargreaves Lansdown, says fund […]

Henderson’s head of global equities exits

Henderson Global Investors has appointed Matthew Beesley as head of global equities following current head Neil Rogan’s decision to leave the industry to spend time with his family. Beesley joins from Trinity Street Asset Management and will begin on April 2. He has previously worked for Mercury Asset Management and JP Morgan Asset Management. Henderson […]


MP spells out auto-enrol role for IFAs

Former pensions minister and work and pensions committee member Oliver Heald says IFAs have an important role in helping employers through auto-enrolment. At a committee hearing in January, pensions minister Steve Webb said the availability of “fairly standard” products for auto-enrolment would make expensive tailored advice for small firms and lower-earners unnecessary. Last week, the […]

Foster Denovo appoints new director of sales and marketing

Foster Denovo has appointed Darren Laverty as its new director of sales and marketing. The position is new and will see Laverty join the partnership executive team, reporting to the board. He was a partner at FD’s employee benefits subsidiary Secondsight. As part of his role, Laverty will continue to work closely with Secondsight, leading […]

India: are further rate cuts on the horizon?

By Kunal Desai, head of Indian Equities, Neptune Kunal Desai, manager of the Neptune India Fund, discusses the key drivers of the Indian market’s outperformance and why he expects another rate cut, which will likely further support equities.  Read more here Important Information Investment risks The Neptune India Fund may have a high volatility rating […]


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