Law360, London (November 4, 2019, 6:29 PM GMT) -- Britain’s Financial Conduct Authority warned bosses of investment funds on Monday that they must take extra care with their assets after the collapse of Neil Woodford's £3.7 billion ($4.8 billion) flagship fund.
All managers must take responsibility for the liquidity of their portfolios — the ease with which assets can be converted to cash if investors want to access them — even if the function is technically delegated to one member of the team, the regulator said in a letter to fund managers.
“Ensuring effective liquidity management in funds is a central responsibility for you,” the letter warned.
The watchdog said that...
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