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investment adviser

    (in relation to an authorised fund) a person who is retained by an ICVC, its directors or its ACD or by a manager of an AUT or by an authorised contractual scheme manager of an ACS112 under a commercial arrangement which is not a contract of service:

      1. (a) to supply any of them with advice in relation to the authorised fund as to the merits of investment opportunities or information relevant to the making of judgements about the merits of investment opportunities; or
      1. (b) to exercise for any of them any function concerning the management of the scheme property. 5