Analysis by The NED of UK authorised fund manager (AFM) boards shows profound differences not only with regulated fund managers in the US, the nearest category to compare them with, but also with the boards of funds pretty much everywhere including in the EU and offshore as well as in the US.

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The NED’s review of AFMs (authorised fund managers) suggests that the FCA’s requirement to include two independents on UK manager boards will achieve little. The key to the FCA’s reforms is the value assessment. That is something that independents are unlikely to be able to influence a great deal.
 

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