Eight fund groups make last ditch attempt to change PRIIPs rules

Worried about not including past performance data

Senior figures from eight asset management groups, including Schroders and BlackRock, have urged the European Commission to amend draft PRIIPs rules or risk misleading investors, according to reports.

The Financial Times reports the fund houses have written to European Commissioner Jonathan Hill to call for urgent revisions to the legislation, which is due to be signed off in draft form this month. How prepared are asset managers for PRIIPs rules? Other groups putting their names to the letter include Allianz Global Investors, AXA Investment Managers, Nordea Asset Management, Fidelity International, Robeco and JPMorgan Asset Management. In particular, they have criticised the decision to end the long-standing practice of asset managers including information on a fund's past perf...