There will need to be a regular (annual) review of the DFM market place, which is still growing, although inevitably there will be casualties who do not reach critical mass.
Realistically, unless the DFM has done a particularly miserable job, there will probably be no reason to make any changes after just one year. However, it is still important that you can show evidence to the regulator that you are properly monitoring the situation to ensure that you are providing the most appropriate and suitable outcomes for you clients who will be happy to pay your fees for this level of service.
Clive Hale is co-founder of Albemarle Street Partners
IN NUMBERS
60
The number of discretionary managers that have more than £2.5bn in total funds under management
224
The number of discretionary fund managers available
