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Sunday, 14th April 2024
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The CFA publishes code of ethical standards for asset managers Back  
In an effort to boost investor protection, the CFA Institute has put together an asset manager code of professional conduct. The code sets forth global ethical and professional standards for firms managing assets as separate accounts, or pooled funds.
The CFA Institute, of which the Society of Investment Analysts in Ireland (SIAI) is a chapter, has issued a draft asset manager code of professional conduct setting forth global ethical and professional standards for firms managing assets as separate accounts or pooled funds, including hedge funds and mutual funds.

The code was created to support investor protection by encouraging investment firms to voluntarily adhere to a strict set of ethical standards. It provides, in effect, a 'checklist' of ethical conduct that investors should expect from their asset managers, creating a higher level of confidence in asset managers that adopt and enforce the code.

Welcoming the draft, Joe Kavanagh, president of the SIAI and head of performance measurement and risk analysis at KBC said, 'We cannot be naive to presume that the Irish marketplace is immune from such unethical behaviour as was prevalent in recent market scandals in the US.'

'This new standard will provide comfort to investors in their dealings with compliant asset management firms,' he added.

The code provides asset managers with specific and practical guidelines in six main areas, designed to apply to all facets of the manager-client relationship; loyalty to clients, the investment process, trading, compliance, performance evaluation and disclosure.

The code was developed in consultation with more than two dozen investment professionals from the US, Europe and Asia. The CFA Centre for Financial Market Integrity welcomes written public comments on the code until 31 December, 2004. The full text of the code can be accessed at www.cfainstitute.org.
The CFA Institute (formerly AIMR), is a global membership organization that plays a key role in the investment industry by setting the highest standards of ethics and professional excellence and vigorously advocating fair and transparent capital markets. It has 75,000 members in 120 countries, and the Institute awards the Chartered Financial Analyst (CFA) award.

According to the Irish Association of Investment Managers (IAIM), there are less than 70 charter holders in the Irish market at the moment, with a candidate pool numbering in the hundreds.

The draft Asset Manager Code of Professional Conduct was published by the newly created CFA Centre for Financial Market Integrity.

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