For those of us forced to get round London in the awful weather and no tube network, what a nightmare week! On the financial services front, it was fairly quiet until Old Mutual Wealth announced its new fund range and portfolio management service yesterday afternoon and then the twitterati got busy. Old Mutual Wealth includes two separate businesses — the Skandia platform and Old Mutual Global Investors (OMG), the fund manager arm.
Prior to RDR, the platform was able to wrestle some pretty good rebates out of fund managers, but in the post-RDR world, securing the same kind of pricing from fund managers was likely to prove a challenge unless the platform could demonstrate that it had distribution influence. But even more important was securing distribution deals for its in-house fund manager, OMG. As a result, a combination of the Skandia platform plus a range of well-priced, sub-advised funds and solutions targeted at cost-conscious advisers became the strategy. The message is clear: we are a one-stop shop for restricted advisers.
It's November already and the pressure is on with our two quarterly publications, the Platform Report and the Distribution Report, due out in the next couple of weeks. Not that the work hasn't been ramping up already. Last week I was up in cold, but sunny Edinburgh for Matrix Solutions' annual Financial-Clarity conference, and yesterday the same seminar was held at the Shard in London, so prepping for both has taken some time. You can find a link to my presentation here.
We're in the midst of data collection for the Platform Report. There are always one or two late submissions but the half-term holiday has thrown us off course a little. We're hoping that we can recover lost ground and publish the report as expected on 6th November, but it's looking unlikely.
We're pleased to announce that Fundscape is now a member of TISA, the Tax-Incentivised Savings Association. We will be joining the Wrap Advisory Council that meets once a quarter and will give a short presentation at each meeting on the outlook for the funds and platform industry.