Employees and others engaged by the GP are a vital resource. If this resource is not adequate or is not maintained and appropriately managed, the GP may not be able to implement the fund’s investment policy.
The GP should, at all times, have a staff of adequate size and appropriate skills and competence to ensure that it is able to fulfil its obligations, including to all funds under management. These staff should be appropriately allocated.
The GP should implement human resources management processes to administer appropriate functions (such as payment of taxation and social security contributions) and to implement any training and development policies together with policies and procedures that ensure compliance with employment law.
The GP should implement and maintain arrangements requiring its employees to act with integrity and to conduct themselves in an appropriate and professional manner.
The GP should ensure that it implements appropriate succession planning arrangements to ensure that the quality and experience of its key personnel is maintained over time.
The GP should ensure that it has sufficient skill and experience to manage and maintain LP and other key stakeholder relationships.
Diversity is becoming an increasingly important consideration including amongst regulators and GPs should stay prepared and carefully consider the issue of diversity in developing their human resources policies.