These partners are often becoming fund managers themselves. Platforms are also joining in, with fund launches and ownership changes. And institutional consultants, who advise pension funds, are also offering their own funds.
The pace and magnitude of these changes is unprecedented.
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The common threads seem to be that larger is better, the business model of a fund manager is the holy grail and there are increasingly blurred lines between retail/institutional and fund managers/distributors.
We just hope that when the dust settles, independence is not the sacrificial lamb.
Rory Maguire is managing director of Fundhouse
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