How EU fund rules leave gaps in investor protection
Pietro Maffi routinely checks his financial statements and has a good understanding of how his savings are being managed. At least he thought he did until he read the small print.
Maffi, a software engineer from the northern town of Pavia, invests in funds managed by Banca Mediolanum, an Italian bank. He knew one of those funds was based not in Italy, but in Ireland. What he didn't know until recently was that the fund uses a fee structure that is not allowed in Italy, and is out of line even with Ireland's own investor protection guidelines, which are non-binding.
That structure meant the... read more
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