multi-manager industry reacts to plan to limit investment flexibility
The FSA is expected this week to back down on a regulatory proposal that would limit the funds in which the majority of funds of funds can invest. As it stands, the new rule, due to come into force on 1 September, would prevent non-Ucits funds of funds, the vast majority of the market, from holding both Ucits and non-Ucits funds in the same portfolio. They would need to choose to hold either Ucits or non-Ucits vehicles. The rule conflicts with other fund of funds rules the regulator had proposed and is viewed with concern by fund of funds managers. Following consultation between the r...
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