Fund Management Company CP86
The Designated Person role is under the spotlight with the implementation of the Central Bank’s Fund Management Company Guideline (‘CP86’) just around the corner.
CP86 has streamlined its designated person requirements to six managerial functions in the areas of Investment Management, Distribution, Fund Risk Management, Operational Risk Management, Regulatory Compliance, Capital and Financial Management.
The CBI has now given clear guidelines of what is required, and it has also enhanced its focus and expectation of who is suitable to carry out the key management functions.
Due to increased levels of fund governance, fund directors are increasingly concerned about the size and scope of the Central Bank’s expectations in terms of the day-to-day management of their funds and service providers such as DMS, Link Group (formerly Capita), KB Associates & Carne have won a lot of business over the last six months by providing solutions such as Provision Management Company services and Designated Persons.
Designated Persons, unlike Directors, need to demonstrate the ability to run the day to day operations of the fund and require the expertise and experience to carry out the managerial function they are responsible for.
Due to the increased activity in this space and Brexit just around the corner, working with a Management Company and/or acting as a Designated Person presents a very attractive career option for high calibre fund’s professionals who possess excellent regulatory, project management and client service skills.