Gosling's Grouse: Time for a clean up

GOSLING'S GROUSE

So, we have had clean and super clean, and now I hear we are moving onto dry share classes.

Imagine sitting down with a client and explaining what a ‘dry’ share class is for the fund you are recommending. And so we go on, all being driven largely by what the FCA would like to think is ‘competition’. So what is competition in asset management? Is it price? The regulator seems to think it is, and the closest it gets to articulating what price competition looks like is with words like ‘transparency,’ which, in reality,  it implies is the headline price. Hence we are in this zero-sum game where if you get there quickest with a ‘low’ headline price you are seen to be a good guy o...