Universal Manco

In 2012, managed asset growth recovered, with a 12.4% improvement. Eighty percent of this increase is attributable to the turnaround in financial markets, with net subscriptions amounting to €200 billion compared to negative flows in 2011(€90 billion).

Executive summary

  • Management of Universal ManCo’s equity: a consolidated management company requires less significant equity due to the absence of duplication, as found in connection with several independent entities, and the convergence of the AIFM and UCITS directives on this subject
  • Management on a substantial basis: in connection with the AIFM directive, a management company should not delegate its functions to the extent that it becomes a ‘letter-box entity’. As Universal ManCo combines both the primary and support functions in one entity, it could demonstrate the substantial basis of its management
  • Management of a management company and its branches would enable better monitoring and governance of the entity
  • Common policies and practices covering remuneration could be set up, in compliance with the UCITS, AIFMD and MiFID directives
  • Conflicts of interest could be better supervised and managed through policies that are common to the group
  • Service providers and delegated agents could be better managed via the introduction of selection and monitoring procedures

Performance issue 11 - May 2013

Performance is a triannual digest, dedicated to investment management professionals, which brings you the latest articles, news and market developments from Deloitte’s professionals and clients. 

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