Evercore Pan-Asset has stopped the use of swap-based exchange-traded funds (ETFs) in its portfolios, Financial Times reports. The move was taken after the Bank of England (BoE) and the Financial Services Authority raised concerns about the products.
Evercore Pan-Asset will, however, continue to use synthetic ETFs in two of its higher risk portfolios. Evercore Pan-Asset, an asset manager with $500 million under management, markets its funds to IFAs, who in turn offer the funds to private clients, adds Financial News.
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