Devon gets licence

Devon Funds Management has secured the Financial Markets Authority’s seal of approval.

The Auckland-based firm, which manages $1.5 billion, has received its Managed Investment Scheme licence from the regulator – a requirement introduced as part of the Financial Markets Conduct Act, which came into force last year.

The licensing process is, by all accounts, a hugely time-consuming process and Devon will be glad to have it done and dusted.

It caps off a big year for the company, which received some top industry awards in 2015.

Niall Hartigan, the firm’s head of operations and compliance, said: “While there has been significant regulatory change in financial services since the inception of the FMA, we believe that manager licensing is a very important step forward for the industry in New Zealand.

“Lifting the standard in funds management will benefit clients and the industry in the long-term.”

– New Zealand Herald: Stock Takes

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