Fund managers and single-investor funds

Learning objectives

• Assess control of a managed fund, taking into account the manager, the single investor and the removal rights.L3, L4
• Justify the position taken, stating that a 2026 question is under consideration by the Committee.L4

Normative references

• IFRS 10 §B72In evaluating its exposure to variability of returns from other interests, the decision maker considers the magnitude and variability of its aggregate economic interests, remuneration and other interests (the greater they are, the more likely it is to be a principal), and whether its exposure is different from that of the other investors in a way that might influence its actions (for example, subordinated interests or credit enhancement). No numerical exposure threshold is set; the application examples 13 to 16 that follow illustrate the judgement.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

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