Cazenove has criticised the IMA for not bringing "vital clarity" for investors after the trade body decided against making changes to its Absolute Return sector for at least another 12 months.
A number of asset management groups have been vocal in demanding change to the burgeoning sector, with the inclusion of offshore funds taking the total number of vehicles in the classification to 48. Many firms have called for a sub-division of the sector, which is home to a number of different strategies and varied objectives. "There was considerable discussion about sub-categorising the sector, but it was felt that the sector was not yet sufficiently large or mature enough to do so," IMA director of markets Jane Lowe says. "The aim of delivering an absolute return in a rolling 12-mo...
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