LONDON (Reuters) - Britain's Investment Association said regulators should focus on activities rather than firm or fund size to identify systemic risks in the asset management industry.
The trade body, which represents UK investment managers overseeing 5 trillion pounds in assets, said investments are owned by clients and thus not linked to the fate of a manager.
"The Investment Association does not say that systemic risks can never arise – just that they do not routinely arise in our industry and that size is not a valid indicator," Richard Metcalfe, director of regulatory affairs at the association, said in a statement on Thursday.
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Reporting by Nishant Kumar; editing by Simon Jessop