Fund buyers turn to segregated mandates as big get bigger

David Thomas, chief executive at multi-asset specialist Seneca Investment Management, stressed the need for “cultural alignment” between advice firms and fund houses, particularly in areas such as fees.

“Quite often you can look at those [mandates] and think ‘that is quite small’, and it’s probably not very important to that big fund manager who’s running it,” Mr Thomas said.

“You don’t want to end up with funds being managed that are last in the queue.”