The raft of sweeping EU regulations being introduced this year is creating an almighty headache for the asset management industry, says Denise Voss, chairman of the Association of the Luxembourg Fund Industry (Alfi), the investment trade body.
James Anderson, manager of the £6.5bn Scottish Mortgage Investment Trust, is “extremely disturbed” by Key Information Documents (Kids), saying they focus too much on past investment performance which could mislead investors.
After months of planning, EU regulations Mifid II and Priips finally came in to full force last week, but uncertainty around what it means for US funds on platforms remains.
Bestinvest has temporarily removed a handful of investment trusts from its platform as providers failed to deliver the documents required by regulations which came into force last week.
The FCA has said investment dealing, portfolio management and custody services will not fall under major new EU disclosure rules.
