By Otto Loistl
Asset administration criteria are an important for development belief among traders and capital marketplace specialists. the problem of company governance has been thrown into the highlight by way of the disastrous cave in of Enron and the consequences for the undefined. The proposed criteria are proper for the whole fund undefined, regulators, companies of pension plans and portfolio managers. Produced in organization with the eu Federation of monetary Analysts Societies, this e-book goals to supply a well-founded foundation for improvement of the content material of asset administration criteria within the united kingdom, the USA and the european. It encompasses a distinct evaluation of the present place, outlines deliberate advancements and discusses underlying difficulties.
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Extra info for Asset Management Standards: Corporate Governance for Asset Management
19 (1) (e) 4th indent Directive 85/611/EEC. 67 For discretionary portfolio management, the management of pension fund portfolios and the non-core services, the management companies are exclusively subject 56 Art. 24 (3) Directive 85/611/EEC deﬁnes ‘linked’ in greater detail. Art. 24 (3) penultimate and last sentence of Directive 85/611/EEC. 58 Art. 19 (1) (e) 3rd indent Directive 85/611/EEC. 59 Directive 2001/107/EC is the outcome of European Commission, Com (1998) 451 ﬁnal (1998). 60 To minimize conﬂicts of interest, such discretionary portfolios may only be invested wholly or partly in UCITS of the management company concerned with the prior consent of the investor (Art.
192 Art. 2 European Commission, Decision 2001/528/EC (2001) as amended by Art. 1 European Commission, Decision 2004/8/EC (2003). 193 See Goldman Sachs Global (2001), p. 1. A fraudulent investment scheme in which earlier investors are entirely paid out of money paid into the scheme by subsequent investors is called a Ponzi Scheme, after Carlo Ponzi who initiated such a scheme in 1919 in the USA. 194 Rürup (1998), p. 781. 30 ASSET MANAGEMENT STANDARDS else being equal – an increase in average wages and/or a reduction in average pensions and/or an increase in contribution rates.
85 See European Commission, Com (1999) 134 ﬁnal (1999), pp. 16f. 86 This was a report containing recommendations on a code of best practice for European supplementary funded occupational pension funds. It was based on a EU-wide survey of institutions in all segments of the pensions industry. The report called for greater efﬁciency and transparency to reﬂect the ever-growing importance of pension funds. This would require ‘pension fund governance’ similar to the concept of corporate governance for public companies.