Over the last few years there has been an enormous amount of cost pressure on the financial services industry and asset managers have largely felt the brunt of this, with many cutting their fees to remain competitive. No other genre of fund has felt this more fiercely than the ‘traditional’ multi-manager fund. When we refer to a ‘traditional’ multi-manager fund we mean here a fund which invests predominantly in actively managed funds from across the whole of the market, not those which invest directly, or in passives or largely in funds from their own group.

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