Europe closed to outsiders

In Europe, some 80% of assets are held in funds managed by the same company that sells them, creating limitations for future cross-border fund sales. This is one of the conclusions of research conducted for the IMA at a time when there are a number of EU initiatives under way to create a more equal environment for cross-border sales. Domestic asset managers, typically divisions of banks that retain a stranglehold on distribution in many countries, control about 80% of most European fund markets, according to the study, carried out by Friedrich Heinemann. James Tew, director of fund ...