Norwegian regulator criticises Nordea over active fund management

May 21, 2015 1:05 PM

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OSLO May 21 Norway's financial watchdog has criticised Nordea Funds Ltd, a unit of top Nordic bank Nordea , for marketing one of its funds as active when it had in fact performed close to its benchmark, the regulator said on Thursday.

Regulators across Europe are closely watching so-called "closet indexing", where a fund charges an active management fee but tracks the holdings and performance of the index against which its returns are benchmarked.

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