FCA has published the findings of its thematic review into how well asset managers manage funds, segregate mandates and appropriately distribute their funds. The review was assessed against FCA rules and did not focus on actual fund performance. It covered 23 UCITS schemes sold to retail investors and 20 of these were available on commonly used execution-only platforms. FCA also reviewed four segregated mandates for institutional investors. In principle, FCA found that firms invested in line with their stated strategy and investors were not exposed to any undisclosed investment risks. However, it did find some examples of unclear product descriptions and inadequate governance or oversight. The review includes examples of good and poor practice in the areas FCA looked at. (Source: FCA reports on meeting investors’ expectations)