Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Managing investments definition

What does Managing investments mean? In practice, this means a firm or individual exercising discretion to manage a client’s portfolio of investments under a mandate, making day-to-day decisions to buy, sell or hold assets on the client’s behalf. In the UK, 'managing investments' is a FSMA regulated activity defined in article 37 of the Regulated Activities Order 2001. It involves managing assets belonging to another where discretion is exercised and the assets consist of, or include, securities or contractually based investments (for example options, futures and contracts for differences). It typically arises in discretionary portfolio management agreements (retail and institutional), and where trustees,...

UK regulated activity of managing investments: FSMA 2000 RAO article 37—scope, discretion, qualifying investments, exclusions and FCA conduct requirements

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note addresses the regulated activity of managing investments...

Definition

Managing investments is a regulated activity under article 37 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). It entails exercising discretion over assets that beneficially belong to another person, where those assets consist of, or include, any investment categorised as a ‘security’, a ‘structured deposit’ or a ‘contractually-based investment’. For further detail on what constitutes a ‘security’, a ‘structured deposit’ or a ‘contractually-based investment’, see Securities, structured deposits or contractually-based investments below)...

The exercise of discretion

This regulated activity only arises where the investment manager exercises discretion. Where portfolio management is non-discretionary—for example, the manager purchases shares strictly on client instructions, or simply receives and forwards client orders—the work is more likely to fall within another regulated activity, such as ‘dealing in investments, either as principal or agent’ (RAO SI 2001/544, arts 14 and 21) or ‘arranging deals in investments’ (RAO SI 2001/544, art 25)...

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Web page updated on 22/05/2026

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