LicenseCompare

Learning path

Fund management and NBFI learning path

A guided path for people learning fund management, asset management licensing, NBFI concepts, portfolio authority, custody, valuation, and application evidence.

Who this path is for

  • - Fund manager founders
  • - Portfolio manager candidates
  • - Private markets teams
  • - NBFI learners

Starting point

You want to manage assets or understand fund managers, but need to connect portfolio work to licences, applications, and NBFI concepts.

Outcome

You can explain asset management routes, investment authority, custody/client assets, valuation, conflicts, key-person evidence, and how fund managers sit in the NBFI ecosystem.

Path stages

Stage 1

Understand the NBFI ecosystem

See fund management as part of a wider financial system.

  • - Read what NBFIs are and how licensing fits into the NBFI ecosystem.
  • - Separate macro NBFI concepts from firm-level licensing evidence.
  • - Identify leverage, liquidity, redemption, margin, custody, valuation, and outsourcing facts that may become evidence questions.
What are NBFIs?How licensing fits into NBFICustody and client assets

Stage 2

Map asset management licences

Connect portfolio authority to regulated activity.

  • - Read asset management requirements by activity and jurisdiction.
  • - Check Type 9, MAS CMS fund management, FCA investment manager, SEC RIA/private fund adviser, and AFSL routes.
  • - Separate asset management from dealing, advice, fund marketing, custody, and research.
Asset management requirementsHK Type 9 application packMAS CMS fund management pack

Stage 3

Prepare people and controls

Turn investment expertise into application evidence.

  • - Build key-person evidence for portfolio authority, supervision, experience, exams, regulatory history, and time commitment.
  • - Document investment committee, trade allocation, valuation, custody, conflicts, outsourcing, risk management, reporting, and wind-down controls.
  • - Use public registers and official source links while reviewing the route.
HKSI Paper 12 study mapCorporate Evidence Pack BuilderPublic registers

Checkpoints

  • - I can explain who makes investment decisions and under which mandate.
  • - I know whether the model also involves advice, dealing, marketing, or custody.
  • - I can describe the key people and controls a regulator would expect.
  • - I understand how NBFI concepts translate into firm-level evidence questions.

Common mistakes

  • - Treating fund management as only investment performance.
  • - Ignoring custody, valuation, liquidity, leverage, and outsourcing controls.
  • - Assuming a family office or private fund label removes all licence questions.

Disclaimer

Information on LicenseCompare is for general educational purposes only and does not constitute legal, regulatory, financial, tax, investment, or professional advice. Licensing requirements depend on facts and change over time. Always consult official regulator materials and qualified professional advisers.