On 21 January we published an article on the 'Dear CEO' letter to financial advice firms. The FCA has now published two further ‘Dear CEO’ letters aimed at asset management firms and a report on asset management portfolio tools.
The terminology used by the FCA can sometimes be confusing. The FCA publications refer to ‘asset managers’ or ‘authorised fund managers’. 'Asset manager' is not a defined term but these latest publications are aimed at fund managers in the alternative investment field (for example, hedge funds or private equity funds) and authorised fund managers. (An authorised fund manager includes a manager of an authorised unit trust and an Authorised Corporate Director (ACD)).
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