Discretionary fund managers - an integral part of the investment process or the road to ruin? Laura Miller investigates
It seems never a week goes by without the Financial Conduct Authority (FCA) raising a warning flag about something. Most recently, the regulator has turned its attention to investment outsourcing. Relying on the marketing material from discretionary fund managers (DFMs) or other authorised firms was "not acting professionally and in the interest of the client", technical specialist for the regulator Rory Percival said, though relying on facts is allowed. Percival added that the FCA expected firms to be "broadly competent" in the areas they have outsourced a function in, so that whe...
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