If a PM changes the strategy of a fund or deviates from the fund by investing in different securities do we need disclosure and permission or just disclosure? Thanks.
Permission of who? 100,000 different shareholders of the mutual fund?
Not to sure about permission. Seems like it would be a violation to send out an email and then immediately change the fund style w/o giving clients time to decide. I don’t remember reading about having to wait a certain time beforehand. I would guess permission
dont think you need permission but definitely need full disclosure and need to give investors adequate time to redeem if they want out as new strategy may not be suitable for them or they already have exposure in that area.