Serious investor detriment
There are some long-standing practices in the asset management industry which are clearly ripe for review. However, removing past performance data from key funds documents appears a dangerous step and one likely to create worse outcomes for consumers....
Now some of you may call me a hypocrite when you read what I am about to propose. The industry has long been saying that there is regulatory overload in the fund management world.
London's financial community feels it is fighting a war on two fronts: the prospect of being hamstrung by pending EU measures and suffering targeted attacks from the government at home.
The IMA has created a centralised repository for Fund Processing Passports (FPP) which will allow distributors and institutional investors to access the information they need to buy and sell fund units without having to contact the fund manager.
Net inflows into funds worldwide doubled during the second quarter of this year to €84bn from €46bn during the first quarter, increasing total assets under management by 5.4% to €14.4trn by the end of June, according to the EFAMA.
EFAMA, the ESF and the IMA have published an industry guide to address over-reliance on credit rating...