Rent-a-fund managers rebuff ‘misguided’ Esma criticism

Europe regulator warns of conflicts of interest between risk and portfolio managers in AIFMD delegation model

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European companies that overseas portfolio managers can hire to set up and manage funds in Europe have hit out at accusations from the pan-European securities watchdog that the business suffers from a conflict of interest.

“We are fully independent from all of the asset managers to whom we are delegating the day-to-day portfolio management,” says Xavier Parain, group chief executive officer at FundRock, which provides host fund management services.

The accusations came in an August 18 letter

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