Multi-manager outsourcing solutions have suffered a decline in popularity as advisers turn to discretionary managers who have seized the opportunity presented by regulatory change to grab market share.
Defaqto research found the number of platform users preferring to outsource to multi-managers has fallen from 32% last year to just 23% in 2011 amid a “concerted effort” by discretionary managers to steal assets. “We have been analysing the discretionary market for the past two years or so and have witnessed a concerted effort by many of them to win assets under management from the multi-managers,” said the report. According to Defaqto, around 26% of 232 adviser respondents claim to have outsourced to a discretionary manager this year. With around 40 discretionary managers now “seriou...
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