ESMA Final report on performance fees in investment funds


On 3 April 2020, the European Securities and Markets Authority (ESMA has published its final guidance on performance fees in investment funds – applicable to UCITS and certain types of AIFs.

The guidelines provide comprehensive guidance to fund managers when designing performance fee models for the funds they manage, including the assessment of the consistency between the performance fee model and the fund’s investment objective, policy and strategy, particularly when the fund is managed in reference to a benchmark. ESMA’s guidelines aim at harmonising the way fund managers charge performance fees to retail investors, as well as the circumstances in which performance fees can be paid...

The guidelines are applicable to both UCITS and certain types of AIFs, in order to ensure a level playing field and a consistent level of protection to retail investors.

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