Armchair critic: who is going to clean up?

The excitement over clean funds and what they mean for our market requires a bit of a re-think on first principles. If I make and run investment funds, I need buyers, who may come from the general public, in which case I will need a brand of some sort and cash to promote my wares. I might find buyers from the ranks of the various intermediaries. For this, I will market on expertise and relationship rather than brand. In the past, I may have also marketed on various forms of incentive, but that won’t continue. Such incentives included differential commission, shelf-space charging, spon...