Insights — Research Paper
Abstract
UK asset management has consolidated steadily for a decade. This paper argues the standard fee-compression explanation is incomplete — consolidation is frequently a response to unresolved client-relationship ownership, and mergers that realise stated value are distinguished by operating model integration discipline, not investment process alignment.
Recommends sequencing post-merger integration by client-facing risk exposure — reporting and compliance functions first, investment committee alignment second.
Read the full paper for the complete argument, evidence, and recommendations.
Elena Marchetti — Principal, Asset Management