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Exactly 110 years ago this week in 1911, the New York Times sent the first commercial telegram that travelled around the world. The telegram, which simply read “This message sent around the world,” was relayed by 16 different operators across the world and took 16 minutes to return to New York.
Passive funds (or indexation) were first introduced in the 1970s as a way of providing individual investors access to funds tracking widely recognized benchmarks (or indexes). Since its inception, indexation has grown significantly and is now used by all types of investors and traders around the world.
All businesses operate under a regulatory regime, in many cases involving multiple regulators and great complexity. While this makes regulatory risk important for investors, the impact of very adverse regulatory changes is often hard to anticipate. This is because they are often ‘tail events’, with a low probability of happening. However, should they occur, the impact can be severe.
Boutique asset manager, Mergence Investment Managers, has announced a number of high-level changes to its executive leadership team on the back of a year marked by impressive growth, despite unprecedented challenges.
The strongest deterrent against FSP compliance missteps is or should be: