EU to crack down on asset managers

EU market watchdogs will launch co-ordinated checks next year on whether asset managers are flouting liquidity rules, after the closure of the Woodford fund in Britain raised questions, a top EU regulator has said.

Steven Maijoor, chair of the European Securities and Markets Authority (ESMA), said the checks were due to heightened attention over liquidity risks at EU-regulated funds known as UCITS.