(1) Managing an AIF is a specified kind of activity.
(2) A person manages an AIF when the person performs at least risk management or portfolio management for the AIF.
(3) A person does not manage an AIF if the functions they perform for the AIF have been delegated to it by another person, provided that such other person is not an AIFM that has delegated such functions to the extent that it is a letter-box entity.
(4) Paragraph (5) applies if a person manages an AIF, and also carries on -
(a) one or more of the additional activities listed in paragraph 2 of Annex 1 to the alternative investment fund managers directive (the text of which is set out in Schedule 7) for that AIF; or
(b) one or more other activities in connection with or for the purposes of the management of that AIF.
(5) The additional or other activities are included in the activity specified in paragraph (1).
(6) Any expression used in this article which is not defined in this Order and is used in the alternative investm
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