Charles Stanley has said it is approaching the coming months with caution in the face of falling commission income, and significant costs to invest in the business.
The latest sales figures from the IMA show property was the bestselling sector in May, but Charles Stanley Direct's head of investment research Ben Yearsley said many investors are piling in too late and have missed the rally in the asset class.
Miserly performance is on the cards for giant bond funds - but Tesco bonds and index-linked gilts stand out, says Charles Stanley investment manager Kris Barclay.
Fund managers have been feeling the squeeze on pricing this year, with distributors including Hargreaves Lansdown forcing down headline prices on funds as businesses adapt to the new world.