Funds 'lack internal controls', says PwC

Most fund management companies do not have adequate internal controls and are unable to handle derivatives properly, according to a survey by PricewaterhouseCoopers (PwC).

The UK consultancy firm spoke to 81 investment management companies around the world, with total assets under management of $9 trillion. Asked about their progress in complying with new risk control legislation such as Sarbanes-Oxley, 89% admitted they had not carried out a risk assessment, and 91% said no appropriate controls

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