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Mensuel de novembre 2020 - Fonds d’investissement

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Guidelines on performance fees: What are the consequences for fund managers ?
By Marie-Thérèse WICH, Lawyer, Senior Associate – GSK Stockmann   In return for a positive performance of the portfolio management function, investment fund managers frequently charge a performance fee to the investment funds they manage. In this respect, discussions have taken place, also involving national financial supervisory authorities, about the balance between such performance fee and investor protection rules. As a consequence, the European Securities and Markets Authority (“ESMA”) reviewed current performance fee models and recently issued final guidelines for the purpose of harmonizing the interests of fund managers and investors, which apply from 6 January 2021.   On 5th November 2020, ESMA published its guidelines on performance fees in UCITS...
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