The multi-manager structure as we know it today - free of capital gains tax (CGT) for the buying and selling of funds within the wrapper and free of VAT - is 50 years old next year.

Regulatory risk

SharingAlpha has revealed the top-rated funds by its fund selector users as at the end of April, with Terry Smith's £14.7bn Fundsmith Equity fund still the most popular in fund-of-funds portfolios.

Early this summer, the Financial Reporting Council (FRC) is due to publish a revised version of the UK Corporate Governance Code, which is expected to include new guidance affecting the composition of boards and shareholder voting practices.

Possible challenges to flows

'Wobbling risk appetite'

Over the past few weeks, global equity investors have been in the teeth of the US earnings season.

'Nobody wins in a war'

"Forget the economic conditions and politics. Focus on who is running the companies that you have in your portfolio and what they can do over the next five years."

'Increased level of fear and uncertainty'