Asset managers warn of oversight burden


Compliance with new Securities and Exchange Commission (SEC) rules to be introduced in the US next year has doubled the cost of oversight at some US asset managers, a survey has found. The study, by the US CFA Institute and the Investment Adviser Association, found that the cost was highest for medium-sized firms with between $100 million and $1 billion under management.

On average, asset management firms employed one compliance officer in 2004, but this rose to between two and four in 2005.

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