Vanguard accused of breaching UK asset concentration limits - reports

According to reports by Bloomberg, the group's £40bn LifeStrategy range appears to have breached the Financial Conduct Authority's asset concentration limits, which set out that UCITS funds can own up to 25% of the units of another vehicle that is registered as a collective investment scheme - the rules are also referred to as COLL. The LifeStrategy range - comprising five UK-domiciled funds - invests in other funds, also managed by Vanguard and, in aggregate, they own around 40% of a single other vehicle, namely the Vanguard FTSE UK All Share index fund - which has around £12bn in asset...