Risk-badging aside, argues Graham Bentley, the evolution of multi-asset investing has stalled while the method of its delivery has actually reverted to its origins
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...
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