White Paper on Assessment of Value Reporting

The question of ‘value’ has long been one which has dogged the investment industry. While for most investors, the performance of their portfolios and investments will remain their ultimate consideration, other factors are becoming increasingly important in relation to how and why they should choose a fund.

The FCA introduced new rules in 2018 requiring UK Authorised Fund Managers (AFMs) to review the value that their authorised open-ended collective investment funds deliver to investors, through the production of 'Assessment of Value' (AoV) reports on an annual basis.

AoV reports are publicly-available reports that must be published by fund groups within four months of the fund’s annual accounting period end-date, effective as of 30th September 2019.

Note, the FCA has subsequently extended the deadline for annual fund value assessments by two months, to give managers leeway amid the Covid-19 crisis.

Contents

This FE fundinfo white paper will address some of the common questions that we have seen in the market regarding Assessment of Value (AoV) reporting, what it means for Authorised Fund Managers (AFMs) and how they have responded. 

• Who is affected?

• What are Assessment of Value reports?

• Why were Assessment of Value reports introduced?

• Reporting requirements

• Industry response

• A closer look at what has been published so far

• Next steps: The road to best practice

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