Milford Asset Management today announced that its subsidiary Milford Funds Limited has been granted a Managed Investment Scheme (MIS) Licence by the Financial Markets Authority (FMA).
Milford Funds Limited is the company’s issuer of retail investment products. Milford Asset Management is an authorised body under the licence.
Under the Financial Markets Conduct Act 2013 a manager of a registered managed investment scheme, other than a restricted scheme, must be licensed and then register its schemes by 1 December 2016.
Milford’s Managing Director, Anthony Quirk, said “Milford is pleased to be granted the licence, which reinforces our commitment to good governance and our focus on strong investment, compliance and operational processes and systems. This is another milestone for our business after being granted a Discretionary Investment Management Service Licence (DIMS) late last year for Milford’s Private Wealth Advisory business.”
Mr Quirk went on to say: “We see the current evolution in the regulatory environment for our industry as a very positive step in increasing investor confidence.”
Milford is looking to register its funds in the third quarter of this year.