A member of the US Securities and Exchange Commission has again sniped at regulators working to identify potential systemic risks posed by asset managers and their funds, saying the current focus was “misplaced” just days after global watchdogs made revisions to their proposals on the issue.

Speaking to Financial News on the sidelines of a Boston conference on financial stability and asset management, US Securities and Exchange Commissioner Daniel Gallagher said winding down a failed asset manager was far less complex than the large global banks that collapsed during the financial crisis.