IMA proposes best practice rules for income managers

The IMA is consulting members in a bid to address inconsistencies in reporting practices used by income managers.

The trade body says platforms and custodians have raised issues regarding the way fund managers interpret the rules on accounting deadlines, payment distribution and reporting dates. The IMA has now put forward best practice proposals to ensure managers interpret the rules in the same way. At present, firms use their own policies when deciding whether dealing prices calculated at the normal midday valuation point will include the dividend or not. This means buyers are unable to calculate from a fund’s published accounting dates whether or not a deal placed before the valuation poin...