Central Bank of Ireland

Central Bank issues industry letter on costs and fees to fund managers – McCann Fitzgerald

On 24 March 2023, the Central Bank of Ireland (the “CBI”) published an industry letter (the “Letter”) on the 2021 Common Supervisory Action (“CSA”) on costs and fees of UCITS (here). The Letter outlines the CBI’s findings from the CSA and supervisory expectations and key actions for fund managers. view full notice  

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JO Hambro has no plans to use ‘fairer’ fee calculation in UK – Ignites Europe

… “Laura Guthrie, director of research at Fitz Partners, a specialist fee research firm, says “a number of fund ranges” have been updating their performance fee methodologies following the publication of the European Securities and Markets Watchdog’s guidelines.” view full article

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Performance fee rules across Europe lacking harmony – Investment Week

Around 52% of performance fee structures already adhere to ESMA performance fee recommendations, ahead of the restrictions that will come fully into force all over Europe in the coming year. Although all funds are not yet fully compliant with these guidelines, …[Fitz Partners]… research shows that many funds have seen their performance fee structures changed

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Baillie Gifford publishes Irish value report, upping pressure on peers – Ignites Europe

Baillie Gifford has published a value assessment report for its Ireland fund range, in a move that could increase pressure on rival firms. The report has been prepared in response to a July 2019 letter from the Irish regulator to fund board chairs “requiring” them to carry out a “regular assessment of fund performance and

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Schroders expands value review to European funds – Ignites Europe

‘Schroders is starting to apply its approach to UK assessments of value across all its European and global fund ranges, according to its global head of product.’ ‘…Influenced by the approach of the UK Financial Conduct Authority, regulators in the EU have been intensifying their scrutiny of “the pricing process” and “undue costs”, which may

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European performance fee rate reaches 17% – Ignites Europe

Performance fee data published by Fitz Partners this month indicates that the average performance fee rate charged by funds in Europe has reached 17 per cent. The firm says that although this represents only a slight increase from the 16 per cent figure in 2018, it is accompanied by significant changes in the way these fees are

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Esma curbs high-watermark performance fees – Ignites Europe

Europe’s markets watchdog is pushing ahead with plans to limit the ability of funds with high-watermark performance fee structures to freely reset those fees after a short period of time. The European Securities and Markets Authority published its final guidance on performance fees for Ucits and some retail-focused alternative investment funds on Friday after an

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Irish directors wary of new governance rules – Ignites Europe

Irish fund directors have criticised recent measures by the Central Bank of Ireland to force boards to more closely monitor investment performance… “The Irish regulator says boards must consider “if the Ucits [fund] has delivered on the stated objective, and remains a viable and suitable investment for investors” and whether the fees charged are “appropriate

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