Financial Conduct Authority (FCA) has granted Alternative Investment Fund Manager (AIFM) license to Phoenix Fund Services (UK).
The AIFM approval will allow Phoenix to act as Alternative Investment Fund Manager (AIFM) for alternative investment funds (AIFs) under the new AIFMD legislation, according to Hedge Week.
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On 22 July 2014, Phoenix Fund Services has been selected as the AIFM for nine separate AIFs including UK OEIC, unit trust and investment trust structures and three non-EU AIFs.
Alternative Investment Fund Managers Directive (AIFMD), which came into effect in July 2013, is a regulatory framework initiated by the European Commission to supervise AIFMs.
Phoenix Fund Services provides fund management, fund administration and fiduciary oversight for over GBP6.0 billion of assets.
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