The CBI is accused of wanting to turn fund directors into micro-managers by some Irish based iNEDs. It expects them to have more hands-on oversight of managers’ investment strategies in future. And directors will also be required to determine whether the fund strategy is right for its investors.

The push for more portfolio management oversight, by the board, follows on from the CBI’s thematic review into closet indexing. 62 Irish domiciled funds are now under further formal investigation by the CBI as a result of this review.


DMS has had a case brought against it for ‘vicarious liability’. The case centred on whether DMS could be held vicariously liable for the actions of one of its directors.  

Campbells, the Cayman based law firm, who acted for DMS, has written the following on this case:

‘In a Judgment delivered on 2 July 2019, the Grand Court dismissed the Plaintiff’s application to amend his pleading and granted summary judgment in favour of DMS, thus dismissing the action in favour of the Defendants without a substantive trial.