Graham Bentley: Where's the value in asset management's layer cake?

Adviser actively managed model portfolios - and providers' multi-manager multi-asset funds - may not be providing investors with value for money. This uncomfortable implication is one of the less publicised issues raised in the FCA's Asset Management Market Study (MS15/2.2). It is likely to be the subject of a wider review once the final MS15 report is published later in 2017. The additional charges generated by layers of investment management are a concern for the regulator, with many points of charge leakage along the investment management and advice value chain. These additional ti...