UK Authorised Corporate Director (ACD) Solutions

Authorised Corporate Directors (ACDs) oversee the day-to-day operation of an investment fund. They are required to act in the best interests of investors and to ensure the fund is run properly, in accordance with regulatory requirements and the investment objectives and policies set out in its prospectus.

Any firm that wants to offer a UK open-ended investment company to investors needs an Authorised Corporate Director to take legal responsibility for running the fund, ensuring compliance with regulations, and safeguarding the interests of investors. Depending on size and capabilities, firms may operate their own ACDs or appoint independent third-party providers such as Waystone to act on their behalf.

No, the ACD holds the ultimate legal and regulatory responsibility for managing the fund, although it usually delegates day-to-day investment decisions to a separate investment manager. The ACD remains responsible for supervising the investment manager’s activities and has the authority to replace them if they fail to perform adequately or act in the best interests of investors.

The ACD is subject to oversight from multiple parties to ensure the protection of investors. The Financial Conduct Authority (FCA) authorises the ACD and supervises its activities. The Depositary, an independent entity, is legally responsible for safeguarding the fund’s assets and monitoring the ACD’s operations and compliance with fund rules. The ACD’s own board must include at least 25% independent non-executive directors (iNEDs) who provide challenge and scrutiny over how the fund is managed. Additionally, external auditors review and certify that the fund’s accounts are accurate.

Appointing an independent ACD provides regulatory assurance, strong governance and operational expertise, allowing investment managers to focus on portfolio management. An independent ACD also enhances credibility with regulators, platforms and investors.

An ACD is responsible for:

• Regulatory oversight and FCA engagement
• Fund governance and risk management
• Oversight of service providers
• Investor disclosures and reporting
• Fund documentation and regulatory filings
• Monitoring investment and borrowing powers

Yes. Waystone provides end-to-end support for new UK fund launches, including regulatory authorisation, coordination with service providers, documentation review and ongoing governance once the fund is live.

Yes. An ACD plays a key role in enabling fund growth by supporting platform registrations, distribution approvals, operational scalability and governance frameworks that meet investor and regulatory expectations.

The ACD works in close partnership with the investment manager. While the manager retains responsibility for investment decisions, the ACD provides oversight, challenge and governance, ensuring the fund operates compliantly and efficiently.

Yes. Waystone’s UK ACD services are delivered by FCA-authorised entities and operate under UK regulatory oversight.

Waystone has extensive experience acting as ACD to a wide range of UK authorised funds and oversees in excess of £120bn in assets under management, supporting both established and emerging fund managers.