Section 25: Investment managers

25. Investment managers.___(1)The Board shall, in the manner as prescribed by regulation and through a competitive and transparent process, appoint such number, as are necessary, of fit and proper persons with the requisite qualifications, skills, competencies and experience to be investment managers. (2) When appointing an investment manager, the Board may have regard to the following considerations among other relevant factors, namely:— (a) the relative qualifications and experience of the person competing to be appointed as investment manager; (b) the expertise of a person competing to be appointed as an investment manager in the area of investment concerned; and (c) the professional record of a person competing to be appointed as an investment manager in controlling operational and financial risk with respect to assets which that person has managed or is managing in the capacity of investment manager: Provided that subject to the approval of the Board, the functions of investment manager may be assigned to a person other than the employee of the Fund, having valid licence for such activity from any financial services regulator. PART-IV OPERATIONS

Effective date: 2023-08-04

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