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Regulation prompts managers to change distribution strategy, says Cerulli Associates


As self-direction becomes more widespread among retail investors, performance will be evaluated in comparison with other managers' products, rather than with a benchmark.

Flows will depend more on quartile ranking in a more competitive and equitable market.
A total of 70 per cent of respondents to a Cerulli Associates survey of asset managers are allocating more resources to fund selectors.
A couple of foreign managers with high-performing products that have established themselves in the UK told Cerulli that they have increased their sales targets as a result of the Retail Distribution Review (RDR).
More than half of those surveyed are also drilling down on discretionary fund managers and offering preferential terms to boost sales. Managers are also slowly beginning to appreciate the potential of direct-to-consumer networks as one in five respondents stated that they are putting more emphasis on them.
"This is an ideal time for managers from around the world with good track records and recognisable brands to enter," says Angelos Gousios, a senior analyst with Cerulli in London, and one of the main authors of European Distribution Dynamics 2014: Responding to Change. "The RDR has removed much of the bias in the market and established managers can aim higher and increase their sales targets.”

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