Asset managers will need to overhaul their UK fund boards in order to meet the Financial Conduct Authority's (FCA) new rules designed to beef up independence, as research shows current boards are "light" in this area and firms have a "marked absence" of formalised board practice and procedure.
The inaugural State of the UK Fund Boards 2018 study, conducted by research consultancy UK Fund Boards (UKFB), found just 11% of board members are independent - some way off the 25% the FCA has said it...
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