An extensive analysis of fund shortlists found that the quality of research varies greatly from list to list, and so it pays for advisers and consumers to be more selective about fund selectors. The independent study by Fundscape and gbi2 analysed 36 gatekeepers in four different categories of fund selectors: D2C buy-lists, adviser buy-lists, rating agencies and off-platform lists. These gatekeepers influence a significant proportion of fund flows and as a result, have the potential to make or break funds whose success in gathering assets may depend on being selected by one or more fund selectors.