Fiduciary Duty

As a fund manager to a pension fund (appointed by the management of the fund), is your primary fiduciary duty to the plan particpants or the management? I remember reading plan participants somewhere but isn’t the fund and subsequently management your client? If a regular business was to appoint a fund manager to manage money, the business is the client. Is there any duty towards the shareholders.

no, the duty is NOT to mgmt OR the shareholders but to the PLAN PARTICIPANTS only – See volume 1 of the CFAI books

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