Asset and fund manager licence map

Who this helps

• - Fund manager founders
• - Portfolio manager candidates
• - Asset management teams
• - Private fund advisers
• - Family office investment teams

Typical job titles

• - Portfolio manager
• - Fund manager
• - Asset manager
• - Chief investment officer
• - Investment manager

Core question

Does the role make or control investment decisions for a fund, managed account, discretionary portfolio, family vehicle, or private fund strategy?

Activity triggers

• - Discretionary authority over investments.
• - Managing a fund, portfolio, SMA, mandate, or model portfolio with implementation authority.
• - Charging management, performance, advisory, or carried-interest economics.
• - Marketing managed products or raising capital for funds.
• - Using custodians, administrators, brokers, valuation agents, or outsourced middle office.

Licence and registration map

• - Hong Kong: check Type 9 and possible Type 4/Type 1/fund-marketing overlap.
• - Singapore: check MAS CMS fund management route, representative requirements, and Form 1 evidence.
• - UK: check FCA investment manager authorisation, SMF roles, client assets/CASS, and financial promotions.
• - US: check SEC/state RIA, private fund adviser context, Form ADV, custody, and broker-dealer overlap.
• - Australia: check AFSL authorisations, responsible managers, managed investment scheme/product advice/dealing facts.

Exam or competence checks

• - Map portfolio decision authority before choosing HKSI, CMFAS, FCA, NASAA, or ASIC evidence.
• - Responsible officers, responsible managers, SMFs, and portfolio managers need role evidence beyond exam passes.
• - Investment expertise should be linked to the proposed products, strategies, clients, and controls.

Application evidence

• - Investment authority and mandate map.
• - Key-person and portfolio manager evidence.
• - Investment committee, conflicts, allocation, valuation, custody, risk, outsourcing, and reporting controls.
• - Financial resources, forecasts, and wind-down plan.
• - Fund marketing and client classification controls.

Register checks

• - Check manager firms and named individuals where public registers show them.
• - Compare permissions/activities against the actual product and client model.
• - Record any conditions, limitations, appointed representatives, authorised representatives, or disciplinary disclosures.

Jurisdiction notes

Common mistakes

• - Treating fund management as only investment performance and ignoring controls.
• - Leaving custody, valuation, allocation, liquidity, and outsourcing evidence until late.
• - Assuming family office or private fund labels remove 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.