Funds try to predict behaviour of mystery investors

New EU rules on liquidity stress-testing force fund managers to hunt out clues on investors

The fund manager holds her head in her hands. A shiver in the markets has caused the unit price of her fund to slide. Some investors may want their money back.

But the fund manager has a problem. She can’t second-guess the size of future redemption requests because she knows so little about the end-investors. Are they retail clients prone to knee-jerk reactions? Or institutional investors with single large holdings capable of blasting through the fund’s liquidity reserves?

Fund managers across

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