FCA Restores Research Payment Optionality: What Fund Managers Should Do now
Research Payment Reform Underway The Financial Conduct Authority has announced a key regulatory change with the publication of PS25/4. Fund managers in the United Kingdom are now allowed to choose how to pay for investment research. They may use their own capital through profit and loss accounts or rely on client money via research payment accounts. This change reintroduces a degree of flexibility that had been curtailed under MiFID II and signals the regulator’s intent to strengthen the global appeal of UK financial services. While this creates new opportunities, it also presents serious governance and operational implications. Fund managers must revisit client agreements, enhance disclosure obligations, and revise internal policies to comply with the Financial Conduct Authority’s requirements. In particular, the Financial Conduct Authority has deemed this a significant change for funds, which allows implementation through a 60 day notice period instead of full client consent. However, managers of segregated mandates must secure client consent via an amendment to the investment management agreement. Cleveland&Co is helping clients adjust to these developments by reviewing research procurement frameworks, revising client communications, and setting up value for money assessments. We are also designing operational plans to support dual track payment models. If your […]
Catherine Brown appointed as Consultant People Business Partner
Cleveland & Co welcomes Catherine Brown: as Consultant People Business Partner Cleveland & Co, a leading outsourced in-house legal firm, is thrilled to announce that Catherine Brown, will be joining us as our Consultant People Business Partner, a pivotal role demonstrating the firm’s commitment to nurturing our most valuable asset – our people. With a wealth of experience, Catherine brings a unique blend of legal expertise, business building, leadership and executive search acumen to our organisation. Catherine graduated in Law , qualified with DLA and spent four years in practice before venturing into the world of executive search. She played a key role in establishing the Legal In-House Division at Michael Page London, leading a team of consultants across diverse industry sectors. In 1999, joined financial markets firm Hogarth Davies Lloyd, ultimately leading the global legal, compliance, and regulatory team. In 2018 Catherine and a Partner established The Appleby Brown Partnership placing General Counsel and Heads of Compliance into buy side institutions. She currently leads the In-House Team at The Appleby Brown Partnership. Catherine brings a wealth of experience, having spent over two decades connecting individuals with business objectives to ensure strategic success. She has been a driving force behind […]
Rowena Hill Appointed as Managing Director and General Counsel EMEA
Cleveland & Co, a leading outsourced in-house legal firm, is pleased to announce the appointment of Rowena Hill as the new Managing Director and General Counsel for the Europe, Middle East, and Africa (EMEA) region effective from the end of April 2024. Rowena’s appointment reinforces our dedication to enhancing our leadership for the future. Rowena’s proven track record, aligns seamlessly with our mission not only to grow the business but to provide exceptional innovative legal services to our expanding client base. After 8 years of dedicated service, Leela Fair has decided to transition her career beyond financial services law. Leela has been an integral part of our success story, contributing immensely to our growth and fostering a positive and collaborative work environment. Her dedication and leadership have left an indelible mark, and we are truly grateful for the invaluable contributions she has made. Leela expressed, “I extend my heartfelt thanks to each of the Cleveland & Co team for the unwavering support, wisdom, and partnership throughout my career with the firm. An especially big thank you to Emma for placing her trust in me all those years ago, and who has been pivotal to my growth as a lawyer. I […]
Craig Bingham Appointed as Board Advisor: A Strategic Addition to Cleveland & Co’s Leadership Team
Cleveland & Co is thrilled to announce the appointment of Mr. Craig Bingham as a Board Advisor. With over three decades of unparalleled experience in Financial Services on a global scale, Craig brings a wealth of expertise and strategic vision to the leadership team. Having served as the Global CEO of Bennelong Funds Management, CEO Asia Pacific at Federated Investors, and CEO Asia Pacific for Aviva Investors, Craig is a distinguished leader known for navigating the complexities of the financial industry across continents. His diverse background and accomplishments in these roles underscore his ability to drive success and innovation. In his role as a Board Advisor, Craig will contribute his strategic vision and leadership skills to guide Cleveland & Co in its mission to be the most trusted legal team for the investment management industry globally. His demonstrated success in delivering strategy in multi-billion-dollar businesses positions him as a valuable addition to the leadership team. Craig is renowned for fostering positive, fun, respectful, and successful cultures. This commitment aligns seamlessly with Cleveland & Co’s values and aspirations, emphasising collaboration, innovation, and a dynamic working environment. In addition to his role at Cleveland & Co, Mr. Bingham serves as the Chair […]
