Asset manager

According to the ACAMS International Glossary of Key Money Laundering Terms and Acronyms, an asset manager is a person appointed through a written contract by a company or trust to direct the investment program of the former. The program can be a fully discre­tionary account or limitations can be imposed on it by the contract. Fees to the asset manager can be based on performance achieved, trading commis­sions or a percentage of the valuation of the estate under his or her management. High fees and a close relationship with the owners or beneficiaries can expose the asset manager to potential conflicts between a duty to report unusual or suspicious activity and the fiduciary duty to the client.