Daniel Godfrey, chief executive of the Investment Association. (theinvestmentassociation.org)
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Poorly managed asset management groups face censure as the U.K. steps up its campaign to give investors better value for money.The Investment Association, which represents more than 5 trillion pounds ($7.5 trillion) of investor money in the U.K. asset management business, will publish a statement of investment principles over the next few months in an industry-wide crackdown to raise standards.Although the Investment Association is a trade body and unlikely to issue fines or take punitive action against its own members, it could name and shame poorly managed companies. This would put pressure on those groups and possibly encourage investors to switch their money to companies that met the required standards.To make sure firms comply, the Investment Association is likely to insist member firms set up an independent panel or draw up an independent report to show standards are being met.
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