The Financial Conduct Authority (FCA) has, reportedly, launched a new probe into the use of ‘transition management’ services by asset managers.
Asset management houses and banks, reportedly, face site visits to ensure the interests of end investors are being taken into account. These services are used to facilitate big changes to investment portfolio.
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Transition management is the process via which asset managers hire a big custodian bank to aid a liquidation procedure or the move of a large portfolio of securities.
FCA is now investigating allegations that several pension funds were overcharged by State Street’s transition managers.
It has been requested by the regulators to provide the detailed information from a variety of organisations connected to the service.
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By GlobalData
