Asset managers will need to overhaul their UK fund boards to meet the FCA's new rules designed to beef up independence, as research reveals firms have a "marked absence" of formalised board practice and procedure.
The inaugural State of the UK Fund Boards 2018 study, conducted by research consultancy UK Fund Boards (UKFB), found just 11% of board members are independent - some way off the 25% the Financial Conduct Authority's (FCA) has said it expects in 18 months' time. In addition, gender diversity was also "weak" with only 17% of members being female, markedly lower than the broadly-accepted target of 30% on FTSE 100 boards and lower than the 22% female presentation on investment trust boards. Market study As announced in April in a policy statement following the regulator's Asset Managem...
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