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

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

Funds for rent montage

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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