Asset Manager Code of Professional Conduct Adopt the Asset Manager Code of Professional Conduct

Compliance Resources

The Code

Compliance

Asset managers hold a unique place of trust in the lives of millions of investors.The Asset Manager Code is a voluntary code of conduct that CFA Institute offers to help asset managers practice ethical principles that put client interests first.

How Can My Firm Comply with the Code?

Review the principles of the Code (PDF) and use the Recommendations and Guidance (Appendix) to assess if your firm's procedures comply with the Code. Then, complete and submit your claim of compliance form to CFA Institute.

Submit your claim of compliance form

Adopting the Code requires your firm to adhere to all the principles and provisions of the Code. Your firm may already have a codes of ethics in place that address or goes beyond the principles and provisions in this Code. Provided your code is consistent with ours, you do not need to amend your existing code to comply.

Perspectives on the Code

MassPRIM Executive Director Michael G. Trotsky: Why Plan Sponsors Increasingly
Prefer Firms That Comply with the Asset Manager Code

Who Should Adopt this Code?

Asset management firms. Over 1,100 firms already claim compliance with the code. See the list of firms that claim compliance

How Do Investors Benefit from the Code?

Plan sponsors and other investors can easily identify which asset managers uphold the ethical foundation that resolves conflicts of interest in favor of investors. By adopting the Code, asset management firms signal their commitment to commonly held ethical principles.

What Does the Code Cover?

The Code outlines the ethical and professional responsibilities of firms that manage assets on behalf of clients. It provides standards and supportive guidance based on general principles of conduct.

It states that managers have these responsibilities to their clients

  • To act in a professional and ethical manner at all times
  • To act for the benefit of clients
  • To act with independence and objectivity
  • To act with skill, competence, and diligence
  • To communicate with clients in a timely and accurate manner
  • To uphold the rules governing capital markets

Why Did CFA Institute Develop This Code?

Many firms have their own conduct standards in place to guide their work, but it can be difficult for clients to compare different codes and identify key differences in the firm's level of commitment toward protecting their interests. Rather than evaluating each firm's code of conduct separately, clients can use the CFA Institute Asset Manager Code to quickly identify firms that commit to a common foundation of ethical principles. Adopting the Code isn't an "either - or" proposition; some managers already comply simply on the strength of their existing code of ethics.

How Was the Code Developed?

CFA Institute developed the Asset Manager Code in consultation with investors and asset managers. We sponsor an advisory committee of practitioners to review the Code and help promote its adoption.

Learn about the Asset Manager Code Advisory Committee

Questions? Contact us