Lift Lid On Fund Manager Decisions, UK Trade Body Urges

Law360, London (July 25, 2019, 1:26 PM BST) -- Actions of asset managers who run popular investment vehicles known as open-ended funds should face greater scrutiny, a trade body has said, as the controversy surrounding the Woodford Fund suspension rumbles on.

Ian Sayers, chief executive of the Association of Investment Companies, said that asset managers planning to offer open-ended funds investing in illiquid assets that are hard to shift at short notice should be required to publish an opinion on why the product  — which is widely used by retail investors — is in the best interest of their customers.

The assessment would include a consideration of the type of...

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