A key topic of conversation in our part of the market since the implementation of the Retail Distribution Review at the start of 2013 has been the 'institutionalisation' of the retail space and its implications.
In particular, the investment outsourcing trend has concentrated flows into the hands of a much smaller number of gatekeepers, many of whom have been using their increased buying power to negotiate segregated or sub-advisory mandates with asset managers. This trend has been gaining traction for some time in our sector, leading to flows from these kinds of arrangements to now be included in the closely-watched Pridham Report of fund groups' net retail sales. In February this year, research and consultancy firm NextWealth noted the AUM of wealth managers' current segregated mandates is...
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