Qualifying IPs are expected to be employed primarily as a portfolio manager, research analyst or trader in the conduct of investment management in an SFO. Examples of a qualifying IP’s responsibilities include: 

• Developing and implementing investment strategies, including building and managing investment portfolios; 
• Performing investment research and market analysis with recommendations to buy or sell a specific financial product or asset class; and 
• Trading of financial instruments, which could include liquidity management and deal structuring. 

Roles primarily relating to operations, administration, or finance / accounting are not considered to be qualifying IP roles. Examples of non-qualifying IP roles include: 

• Financial planning and analysis, budgeting, or capital account management;
• Cashflow monitoring; 
• Legal documentation and fund wiring; 
• Tax planning support; and 
• Passing on or keying in orders (i.e., trade settlement or confirmation).