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Pushing behaviour change

20 July 2006 Angelo Coppola

So what behaviour change triggers are evident and changing the way that collective investments and advisors cooperate?

Di Turpin CEO of the ACI says that while FAIS has made advisors more cautious when making decisions, there is another change.

There is a business model change happening internationally, and it is more evident in South Africa than elsewhere.

From the old days of packaging the investment and distributing it, with the advisor making asset allocation decisions fro the client.

Things changed asset allocation changed with multi managers becoming the flavour of the year. At the same time the advisors role changed they became asset collectors and pushing the money to the distribution platform.

Now the advisor is driving the process. The advisor is the asset gather still, although he or she is now telling the distribution platform and the asset manager what they require. The advisor is pushing further back and now becoming the packager they are third party funds and fund of fund managers.

A greater proportion of fees are going to the advisor as a result. As an example the growth of fund of funds has been interesting. The numbers speak for themselves climbing from 69 in 2001 to 240 in 2006 in terms of the fund of fund structures.

Third party funds started their lives in June 2002 at 32 (10%), to 212 in June 2006 (31%).

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