the management of portfolios of investments in accordance with mandates given by investors on a discretionary client-by-client basis, including portfolios of investments for pension funds and institutions for occupation retirement provisions in accordance with article 19(1) of Directive 2003/41/EC;
safe-keeping and administration in relation to shares or units of collective investment undertakings; and
reception and transmission of orders in relation to financial instruments.
[Note: article 6(2) and (4) of AIFMD]
the AIFM investment management function in point 1(a) (portfolio management) of Annex I of AIFMD without also providing the AIFM investment management functions in point 1(b) (risk management) of Annex I of AIFMD or vice versa.
Where a full-scope UK AIFM carries on the activities in FUND 1.4.3R (3) and (4) in relation to assets which are not financial instruments and it is not carrying on the activities of managing investments or advising on investments, the FCA will deem the firm as having been authorised to carry on such activities by virtue of its authorisation as an AIFM. However, for such an AIFM to be able to carry on the activity in FUND 1.4.3R (4) in relation to assets which are financial instruments or the activities in FUND 1.4.3R (5) and (6) it must have a Part 4A permission to manage investments.
legal and fund management accounting services;
valuation and pricing (including tax returns);
regulatory compliance monitoring;
distribution of income;
unit issues and redemptions;
contract settlements (including certificate dispatch); and
activities related to the assets of AIFs, namely:
services necessary to meet the fiduciary duties of the AIFM;
real estate administration activities;
advice to undertakings on capital structure, industrial strategy and related matters;
advice and services relating to mergers and the purchase of undertakings; and
other services connected to the management of the AIF and the companies and other assets in which it has invested.
[Note: Annex I of AIFMD]