Asset Managers Must Justify Fund Benchmarks, FCA Says
Law360, London (February 4, 2019, 1:41 PM GMT) -- The Financial Conduct Authority told asset managers and pensions advisers on Monday that they must explain to investors their reasons for choosing certain benchmarks when assessing a fund’s performance, in guidance aimed at helping consumers understand how their money is managed.
The FCA set out rules governing how Britain’s asset managers — who handle over £1 trillion ($1.3 trillion) for individual investors and £3 trillion on behalf of pension funds — must justify why they use particular benchmarks to measure the performance of a fund. And asset managers must reference these benchmarks consistently in the literature that they feed back to...
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