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Growth spurt among centrally managed portfolios, and less turnover among asset managers

New research from Cerulli Associates, a Boston-based global analytics firm, shows a growth spurt among centrally managed portfolios, and less turnover among asset managers. 

"For firms with an advisorforce using packaged mutual fund advisory programs, things have never been so good," states Patrick Newcomb, senior analyst at Cerulli Associates. "These programs represent half of all mutual fund advisory program assets, an increase from one-third of assets in 2007."

The August 2013 issue of the Cerulli Edge-U.S. asset management edition examines the outlook for mutual fund advisory programs and variable annuity subadvisory, taking a close look at how investor demand is evolving for fully packaged asset management solutions.

"Centrally managed discretionary portfolios are a time saver as they outsource investment management to the home-office research team or a third-party manager," Newcomb explains. "From a home-office perspective, centrally managed discretionary programs are easier for compliance personnel to monitor. The advisor is able to focus on meeting with existing clients and prospecting for new ones, instead of focusing their time on investment management and trading."

"The rigid structure of packaged mutual fund advisory programs results in less manager turnover, which is a benefit for both the manager and the client," Newcomb continues.

In times of volatility, an advisor in a rep-driven program is more likely to move their clients to more conservative investments to appease their client. Packaged mutual fund advisory programs do not offer this flexibility and stick to the long-term asset allocation, which Cerulli analysts contend may be the best for the client.


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