Contributed By Travers Smith LLP
Private and Listed closed-ended Funds
Closed-ended funds are not required to have a UK manager. While many do, it is also equally common to see UK funds managed by EEA and non-EEA management entities.
The manager of an open-ended fund must be a UK firm authorised by the Financial Conduct Authority (FCA). In the case of UCITS funds, it is also possible for the manager to be an EEA UCITS management company. In the case of a NURS, it is possible for the manager to be an EEA AIFM.