Keeping in touch with Carne: find out what is happening around the funds industry and get the latest updates from the experts.

Funds Congress 2013 – what did you miss?

Funds Congress saw a record turnout from the UK and Irish funds community, with the event extended to a full day of presentations and panel discussions. Over 450 delegates came to hear about the latest developments in the global asset management industry.

Key Note Speaker: Gareth Murphy, Director of Markets Supervision at Central Bank of Ireland

We would like to thank Gareth Murphy, who delivered the key note address to open Funds Congress 2013. His comments focused on a number of key challenges the fund management is currently facing, of pertinence to both allocators and investment managers. The full transcript of his speech can be viewed here.

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Text of speech by Gareth Murphy, Director of Markets Supervision at the Central Bank of Ireland at Funds Congress 2013

The key note speed at Funds Congress this year was given by Gareth Murphy, Director of Markets Supervision at the Central Bank of Ireland. While he stressed that the views he expressed in his speech were his own and not necessarily those of his colleagues at the Central Bank, Gareth provided delegates with an insightful view on the current state of European funds regulations and some of the core drivers behind it.

Amongst the issues covered by the speech are the economic background informing current pan-European funds regulation, other important macro factors like the ageing population and an overburdened pensions system, and other regulatory/fiscal initiatives that impact the funds industry, like the Financial Transaction Tax. The speech also touched on ongoing regulatory and distribution developments in an ever more complex landscape for asset managers.

There was plenty of interest for delegates to take away from this speech, and you can view the full text of Gareth’s speech here.

Funds Congress 2013 – April 18 – London UK

ETC Venues, 200 Aldersgate, London (nearest undeground: St Paul’s)

A free-to-attend conference in central London for asset management professionals. Hear about the latest developments and trends in global funds management from industry experts.

Why attend?

The Funds Congress is a great opportunity to hear from some of the leading executives and influencers in global asset management, both long only and alternative. At this year’s Fund Congress we are hosting a series of insightful panel discussions covering the topical and relevant issues affecting investment management firms in 2013, from FATCA to AIFMD, from managing conflicts of interest to managing investor relations. Read More…

Carne welcomes new CIMA consultation on governance and transparency for Cayman Islands funds

Proposals represent significant and positive changes to existing regime for regulation and supervision of fund directorships.

Carne Group, the global fund governance specialist, welcomes the consultation initiative and the decision by the Cayman Islands Monetary Authority (CIMA) to enhance and clarify corporate governance standards as they pertain to the large and flourishing Cayman Islands funds community.

The proposals include the extension of the current Statement of Guidance on Corporate Governance to all registrants, including registered mutual funds “to reinforce fundamental corporate governance standards expected from entities regulated and supervised by the Authority”.  The draft Statement of Guidance has also been enhanced to clarify the role and duties of Cayman Islands fund directors in accordance with existing common law principles and international supervisory standards. CIMA has requested input as to whether the Statement of Guidance should apply across all sectors of the financial industry or should be tailored to relevant sectors. Read More…

FSA Dear CEO Letter – Conflicts of interest between managers and clients

Background

The UK’s Financial Services Authority has issued a circular following a review of asset management firms’ enforcement of internal conflicts of interest policies[1]. The review, conducted between June 2011 and February 2012, identified that many firms had failed to establish an adequate framework for identifying and managing conflicts of interest. This included breaches of rules governing the use of customer commissions, the fair allocation of trades between customers and the identification and client reporting of trading errors.

Principle 8 of the FSA’s Principles for Businesses requires that a firm must manage conflicts of interest fairly, both between itself and its customers, and between a customer and another customer. Funds, and their Boards of Directors, as customers of investment managers, can  have an important role to play in helping investment managers to demonstrate that a robust conflicts culture exists across their business, while also representing the interests of the Fund(s)’ investors. Read More…

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