Graham Bentley: The evolution of multi-asset investing has stalled

For the last 50 years, the core proposition of the retail investment management industry has been the ‘managed fund'. Originally packaged for the aspiring everyman - and everywoman, presumably - as ‘not putting all your eggs in one basket', the founding product of the unit-linked life assurance industry was rather sniffed at by the more sophisticated stockbroking community. In the 1980s - and thus before trail commission on unit trusts was invented - a new breed of adviser eschewed managed solutions, preferring to sell their expertise as an investment expert via building portfolios of si...