Internalisation

Fundies are getting with the internal management program but they don’t necessarily like it, according to new data from Frontier Advisors. Especially with a new army of gatekeepers arrayed before them.

The creation of a new investment data platform underpins Aware’s march to managing half of its projected $250 billion FUM internally. State Street is providing the glue that holds it all together.

The scrutiny applied to internal managers rarely matches that applied to external managers, writes Rob Prugue. But underperformance is still underperformance, and if something goes wrong the member wears the risk.