Asset Management Press Release Compliance: A Pre-Publication Checklist for US, UK and EU Firms

 


An asset management press release can pass as routine news in one setting and be treated as a promotion in another.

Before it goes out, check three things: where each number comes from, which rules apply to its audience, and whether compliance has signed off.

Most compliance guidance written for asset managers covers firm-wide programmes, audit preparation and software tools. Very little of it addresses the single document that reaches journalists, allocators and prospects: the press release. This guide fills that gap with a practical, release-level checklist covering the US, UK and EU. For the case on why most asset management press releases get passed over, read our pillar article first, then use this page to confirm yours is ready.

Quick checklist
  1. State the AUM basis and as-of date.
  2. Show net performance wherever gross performance appears.
  3. Match the headline to the fund's compliant name.
  4. Name the structure, regulator and eligible investors.
  5. Hold substantiation for every material statement of fact.

Is an Asset Management Press Release a Regulated Communication?

Sometimes. Whether a release is regulated depends on its content, its audience and the jurisdiction, so no single rule covers every case.

Region Regulator What to check
US SEC (FINRA for member firms) Whether the release is an "advertisement" under the Marketing Rule
UK FCA COBS 4.2.1R: communications must be fair, clear and not misleading
EU ESMA Fund-name guidelines for UCITS and AIFs

United States

The SEC's Marketing Rule defines an advertisement as a direct or indirect communication offering advisory services to prospective clients or private fund investors. Compliance with the rule became mandatory on 4 November 2022. Whether a given release qualifies turns on its content and audience, so ask compliance rather than assuming.

United Kingdom

The FCA requires every communication or financial promotion to be fair, clear and not misleading. Older FSA/FCA guidance from March 2012 said a press release containing past performance would usually be information-only, but would normally be promotional if linked to a promotional page on a firm's website. That guidance is dated, so check it against the current COBS 4 before relying on it.

European Union

ESMA's fund-name guidelines cover marketing communications for UCITS and AIFs. They applied from 21 November 2024, with existing funds given until 21 May 2025.

The Pre-Publication Checklist

Five checks cover most of the risk: the AUM basis and date, performance figures, fund-name wording, structure and eligible investors, and substantiation.

  1. AUM basis and as-of date. AUM definitions vary by institution. For SEC-registered advisers, Form ADV regulatory AUM covers securities portfolios receiving continuous and regular supervisory or management services, valued at market value within 90 days before filing. A marketing figure may be calculated differently, so state the basis and date and confirm with compliance. Tema's release did this by stating when its AUM thresholds were measured.
  2. Performance figures. Under the SEC Marketing Rule, gross performance cannot appear unless net performance appears alongside it. Hypothetical performance is allowed only if the adviser has adopted suitable policies and procedures and provides the underlying information. March 2025 SEC staff FAQs addressed extracted performance. In the UK, older guidance says promotional communications must not lead on past performance and must show complete 12-month periods, so verify against current rules.
  3. Fund-name wording. For EU UCITS and AIFs, sustainability-related terms face an 80% threshold test under ESMA's guidelines, so a headline should match the fund's compliant name.
  4. Structure, regulator and eligible investors. Name the structure (UCITS, ETF or private strategy) and the relevant regulator. The pillar article explains why allocators look for this.
  5. Substantiation. The Marketing Rule requires a reasonable basis for every material statement of fact.

What Each Release Type Must Carry

Each announcement type needs its own anchor fact, placed early in the release.

Release type Must carry Verified example
Fund launch Fund name, structure, AUM at launch, manager Lazard's UCITS launch stated $100m AUM at launch in its opening paragraph
AUM milestone Figure, basis, as-of date, comparison Santander Asset Management's AUM milestone releases
Quarterly AUM update A consistent, recurring cadence Impax publishes quarterly AUM updates
Hire Prior firm, mandate, reporting line Lazard's hire releases give the role and reporting line
ETF conversion Wrapper change, ticker, date Lazard's mutual fund to ETF conversion, September 2025
Fund close Size, strategy Oaktree Asset-Backed Finance Fund closed at $2 billion, 1 October 2026

With the facts for your release type confirmed, a financial press release distribution service can take the finished release to financial outlets.

A Verified Example, Step by Step

Lazard's May 2024 UCITS launch release shows the pattern: lead with checkable detail, present performance net of fees, and date your figures. Its release stated $100m of AUM at launch in the opening paragraph, then covered the strategy and team.

Trade outlets including Funds Europe, International Adviser and Portfolio Adviser reported the launch, though one example does not prove the release caused the coverage. International Adviser reported that the release cited annualised net returns for the strategy since its 2015 launch.

Tema's August 2025 release followed a similar discipline. It reported surpassing $1 billion in AUM two years after launch from under $5m of initial seed, and it stated that its AUM thresholds were measured as of 22 August 2025.

Common Mistakes and the Approval Workflow

The most common errors are assuming a press release is not advertising, showing gross returns without net, omitting an as-of date, using ESG words a fund name cannot support, and skipping compliance sign-off. A simple workflow prevents most of them:

  1. The drafter writes the release.
  2. A second person checks every number against its source.
  3. Compliance reviews it.
  4. Legal reviews it if needed.
  5. Final sign-off happens before release.

In the US, FINRA excludes press releases made available only to members of the media from its filing requirements. That is a filing exclusion, not necessarily an exemption from content standards, and it applies to FINRA members. Retail communications promoting a specific registered fund must be filed within 10 business days of first use. Confirm record-keeping requirements with compliance.

If an outside wire such as forexprwire handles placement, the same order applies: compliance sign-off comes before anything is sent.

Next Step: Getting an Approved Release Out

Once your asset management press release clears sign-off, the last step is placement. The pillar article covers how to choose channels. Treat every financial press release the same way: verify first, get sign-off, then distribute.

Frequently Asked Questions

Is an asset management press release an advertisement?

It can be, depending on content and audience. Under the SEC Marketing Rule, communications offering advisory services to prospective clients or private fund investors may qualify as advertisements. Have compliance review every release before publication.

Can a press release include fund performance?

Only within applicable rules. In the US, gross performance requires net performance alongside it. UK treatment depends on whether the release is promotional, and older FCA guidance may be outdated. Verify the current rules with compliance before including returns.

Should an AUM figure carry a date?

Yes, as good practice. Tema's release stated the date its AUM thresholds were measured. Regulatory AUM under Form ADV follows its own method, so confirm which basis your release uses before publishing the figure.

Do ESG terms in a fund name affect the headline?

For EU UCITS and AIFs, ESMA's fund name guidelines cover marketing communications, so headlines should match the fund's compliant name. Sustainability-related terms face an 80% threshold test, so check the wording before publishing.

Disclaimer: This article is for general information only and is not legal, compliance or investment advice. Rules differ by jurisdiction and change over time. Consult a qualified compliance or legal professional before publishing any asset management announcement.

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