Irish Fund Manager Sarasin Fined For Oversight Failings

By Irene Madongo (October 1, 2021, 2:59 PM BST) -- The Irish central bank has fined Sarasin Funds Management Ireland Ltd. €385,000 ($446,000) for its poor oversight of the external firms it works with and weaknesses in compliance.

The Central Bank of Ireland said on Thursday that it had determined the appropriate fine to be €550,000 but cut the penalty by 30% in line with a settlement discount scheme. The breaches occurred between May 2017 and March 2018. 

Sarasin, which is authorized by the central bank as a management firm for UCITS funds — Undertakings for the Collective Investment in Transferable Securities — delegated some day-to-day functions to third-party service providers, the central...

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