FCA Fines Fund Manager £1.9M For Mistreating Investors

Law360, London (November 20, 2019, 12:34 PM GMT) -- The Financial Conduct Authority said Wednesday that it has fined a fund manager £1.9 million ($2.5 million) for charging more than 4,500 less-experienced investors a total of £1.8 million for management services they did not receive.

Henderson Investment Funds Ltd., or HIFL, which is part of the London-based Janus Henderson Group, treated retail investors in an unfair and “substantially different” way from professional institutional investors in the same funds, the watchdog said it found.

The fund’s appointed manager, Henderson Global Investors Ltd., stopped actively managing the fund’s Japan and North American funds in 2011 — which meant the manager would no...

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