Communication on the CSSF thematic review on the delegation of the portfolio management function by investment fund managers (IFMs) – CSSF Feedback report

From 2021 to 2024, the CSSF carried out a thematic review on the supervision of the delegation of the portfolio management function by investment fund managers with a view to monitoring compliance with the UCITS and/or AIFMD framework and protecting the investors’ interests.

Following the analysis of the collected information, the CSSF provides the market with feedback on the CSSF’s main findings and recommendations with the publication of the document “CSSF thematic review on the delegation of the portfolio management function by investment fund managers (IFMs)”.

The purpose of this document is to inform the industry of the main findings made by the CSSF in the course of its supervisory activities and the related recommendations for improvement in accordance with the applicable laws and regulations.

In this context, the CSSF invites all IFMs to perform, at the latest by the end of Q1/2025, a comprehensive assessment of how they monitor the delegation of their portfolio management function in the light of the observations mentioned in the thematic review document and of the applicable regulatory requirements.