Asset managers warn of oversight burden
The cost of meeting forthcoming SEC rules has increased by 54% since 2004
Compliance with new Securities and Exchange Commission (SEC) rules to be introduced in the US next year has doubled the cost of oversight at some US asset managers, a survey has found. The study, by the US CFA Institute and the Investment Adviser Association, found that the cost was highest for medium-sized firms with between $100 million and $1 billion under management.
On average, asset management firms employed one compliance officer in 2004, but this rose to between two and four in 2005. The
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