The Financial Reporting Council (FRC) has revealed that one-third of the 189 asset managers and asset owners that applied to be signatories of its revised UK Stewardship Code did not make the list, because they relied “too heavily on policy statements”.
Among the asset managers that have not been listed as successful signatories to the new UK code, which sets standards of stewardship for those investing money on behalf of UK savers and pensioners, are Schroders and JP Morgan Asset Management. The FRC received 189 applications from 147 asset managers, 28 asset owners, including pension funds and insurers, and 14 service providers, including data and information providers and investment consultants, and said that following a "rigorous review process" which took into consideration organisations' investment styles, sizes and types, 125 were...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
