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Wealth Manager Top 100 2017: inside fund buy lists

Our exclusive annual study into the 100 most influential people in fund selection sheds some fascinating light fund buy lists.

Are they growing or shrinking?

As our Top 100’s assets under management have grown, so too have their buy lists on average in 2017, a reversal of last year’s trend.

Our exclusive survey found that 41% of our leading fund buyers added to their list, compared to 25% who made it more concentrated. This is in significant contrast to last year, when 44% of buy lists shrank, with just 34% increasing in size.

The average buy list now stands at 270 funds, but the number of recommended options varies massively from company to company. Psigma Investment Management, for example, has a highly concentrated list of just 32 funds, while Société Générale is at the other end of the spectrum with 2,525, which includes 2,000 ETFs.

From corporate activity, such as mergers and acquisitions, to changes in personnel, both at wealth and asset managers, buy lists continue to evolve and the sheer variation in the numbers firms select in part reflects their size and legacy issues, but also goes to show that there is no one way to run money.

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Are they growing or shrinking?

As our Top 100’s assets under management have grown, so too have their buy lists on average in 2017, a reversal of last year’s trend.

Our exclusive survey found that 41% of our leading fund buyers added to their list, compared to 25% who made it more concentrated. This is in significant contrast to last year, when 44% of buy lists shrank, with just 34% increasing in size.

The average buy list now stands at 270 funds, but the number of recommended options varies massively from company to company. Psigma Investment Management, for example, has a highly concentrated list of just 32 funds, while Société Générale is at the other end of the spectrum with 2,525, which includes 2,000 ETFs.

From corporate activity, such as mergers and acquisitions, to changes in personnel, both at wealth and asset managers, buy lists continue to evolve and the sheer variation in the numbers firms select in part reflects their size and legacy issues, but also goes to show that there is no one way to run money.

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Losing faith in passives?

Despite the increased focus on costs, the proportion of our Top 100’s buy lists held in passive investment vehicles has fallen by around a fifth over the last year.

Exchange traded funds (ETFs), index funds and smart beta made up a combined 18% of the buy lists, down from 22.2% in 2016.

Actively managed open-ended funds unsurprisingly remain the investment of choice, and combined with segregated mandates and alternative Ucits funds, constitutes 69% of the average Top 100 manager’s buy list, fractionally down from last year’ s figure of 70.2%, although this year we included alternatives in the survey too.

The percentage held in closed-ended vehicles edged down this year, after rising in 2016, while smart beta remains very much at the fringes of our Top 100’s asset allocation, garnering just 2% of assets on average.

Our exclusive survey also found that the average total expense ratio (TER) of our Top 100’s balanced funds is 1.11%, although within that figure there is considerable variation. The quoted TERs ranged from 0.5% at the very cheapest end of the scale, rising to 1.8% at the top end.

Click here for the full Top 100 buy list breakdown.

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Brewin Dolphin

  • Total: 258
  • Actively managed unitised funds: 110
  • Investment trusts/closed ended funds: 50
  • Passively managed unitised funds: 25
  • ETFs: 45
  • Smart beta: 1
  • Alternative Ucits: 9
  • Alternatives: 18
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Ben Gutteridge (pictured), head of fund research

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Brown Shipley

  • Total: 196
  • Actively managed unitised funds: 98
  • Investment trusts/closed ended funds: 27
  • Passively managed unitised funds: 9
  • ETFs: 28
  • Smart beta: 0
  • Alternative Ucits: 5
  • Alternatives: 29
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Alex Brandreth (pictured), deputy-CIO

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Canaccord Genuity Wealth Management

  • Total: 335
  • Actively managed unitised funds: 150
  • Investment trusts/closed ended funds: 50
  • Passively managed unitised funds: 0
  • ETFs: 100
  • Smart beta: 5
  • Alternative Ucits: 10
  • Alternatives: 20
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Justin Oliver (pictured), deputy CIO

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Charles Stanley

  • Total: 186
  • Actively managed unitised funds: 70
  • Investment trusts/closed ended funds: 39
  • Passively managed unitised funds: 11
  • ETFs: 53
  • Smart beta: 5
  • Alternative Ucits: 8
  • Alternatives: 0
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Ross Brookes (pictured), head of collectives research

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Close Brothers Asset Management

  • Total: 280
  • Actively managed unitised funds: 140
  • Investment trusts/closed ended funds: 0
  • Passively managed unitised funds: 40
  • ETFs: 80
  • Smart beta: 20
  • Alternative Ucits: 0
  • Alternatives: 0
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

James Davies (pictured), fund manager

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Coutts & Co

  • Total: 689
  • Actively managed unitised funds: 392
  • Investment trusts/closed ended funds: 15
  • Passively managed unitised funds: 35
  • ETFs: 200
  • Smart beta: 10
  • Alternative Ucits: 10
  • Alternatives: 27
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

James Hawkes (pictured), associate director, investment strategy & fund research

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Citi Private Bank

  • Total: 303
  • Actively managed unitised funds: 285
  • Investment trusts/closed ended funds: 0
  • Passively managed unitised funds: 0
  • ETFs: 0
  • Smart beta: 0
  • Alternative Ucits: 18
  • Alternatives: 0
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Reshma Moloo (pictured), senior research analyst

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Deutsche Bank Wealth Management

  • Total: 1,184
  • Actively managed unitised funds: 360
  • Investment trusts/closed ended funds: 0
  • Passively managed unitised funds: 0
  • ETFs: 824
  • Smart beta: 0
  • Alternative Ucits: 0
  • Alternatives: 0
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Ian Crispo (pictured), head of fund selection

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Investec Wealth & Investment

  • Total: 552
  • Actively managed unitised funds: 223
  • Investment trusts/closed ended funds: 132
  • Passively managed unitised funds: 1
  • ETFs: 107
  • Smart beta: 1
  • Alternative Ucits: 44
  • Alternatives: 44
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Marcus Blyth (pictured), fund selection specialist

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James Hambro & Partners

  • Total: 60
  • Actively managed unitised funds: 50
  • Investment trusts/closed ended funds: 0
  • Passively managed unitised funds: 0
  • ETFs: 5
  • Smart beta: 0
  • Alternative Ucits: 5
  • Alternatives: 0
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Rosie Bullard (pictured), partner

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Killik & Co

  • Total: 50
  • Actively managed unitised funds: 25
  • Investment trusts/closed ended funds: 15
  • Passively managed unitised funds: 0
  • ETFs: 5
  • Smart beta: 0
  • Alternative Ucits: 5
  • Alternatives: 0
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0
  • Mick Gilligan (pictured), partner

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LGT Vestra

  • Total: 306
  • Actively managed unitised funds: 125
  • Investment trusts/closed ended funds: 0
  • Passively managed unitised funds: 0
  • ETFs: 150
  • Smart beta: 1
  • Alternative Ucits: 30
  • Alternatives: 0
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Lydia Brook (pictured), fund analyst

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Lyxor Asset Management

  • Total: 200
  • Actively managed unitised funds: 176
  • Investment trusts/closed ended funds: 0
  • Passively managed unitised funds: 0
  • ETFs: 0
  • Smart beta: 0
  • Alternative Ucits: 24
  • Alternatives: 0
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Nicolas Moussavi (pictured), head of mutual fund research

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Parmenion Capital Partners

  • Total: 248
  • Actively managed unitised funds: 200
  • Investment trusts/closed ended funds: 0
  • Passively managed unitised funds: 30
  • ETFs: 0
  • Smart beta: 15
  • Alternative Ucits: 0
  • Alternatives: 3
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Peter Dalgliesh (pictured), managing director PIM

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Psigma Investment Management

  • Total: 32
  • Actively managed unitised funds: 22
  • Investment trusts/closed ended funds: 0
  • Passively managed unitised funds: 4
  • ETFs: 0
  • Smart beta: 0
  • Alternative Ucits: 2
  • Alternatives: 0
  • Segregated mandates: 4
  • Sub-advisory arrangements: 0

Tom Becket (pictured), CIO

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Quilter Cheviot

  • Total: 321
  • Actively managed unitised funds: 164
  • Investment trusts/closed ended funds: 75
  • Passively managed unitised funds: 21
  • ETFs: 47
  • Smart beta: 1
  • Alternative Ucits: 13
  • Alternatives: 0
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Richard Carter (pictured), head of fixed income research

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Sarasin & Partners

  • Total: 137
  • Actively managed unitised funds: 87
  • Investment trusts/closed ended funds: 21
  • Passively managed unitised funds: 0
  • ETFs: 0
  • Smart beta: 0
  • Alternative Ucits: 29
  • Alternatives: 0
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Jamie Fletcher (pictured), analyst & portfolio manager

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Seven Investment Management

  • Total: 145
  • Actively managed unitised funds: 50
  • Investment trusts/closed ended funds: 20
  • Passively managed unitised funds: 15
  • ETFs: 10
  • Smart beta: 20
  • Alternative Ucits: 10
  • Alternatives: 5
  • Segregated mandates: 0
  • Sub-advisory arrangements: 15

Ben Kumar (pictured), investment manager

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Signia Wealth

  • Total: 145
  • Actively managed unitised funds: 50
  • Investment trusts/closed ended funds: 20
  • Passively managed unitised funds: 15
  • ETFs: 10
  • Smart beta: 20
  • Alternative Ucits: 10
  • Alternatives: 5
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Michael Rosenthal (pictured), CIO

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Smith & Williamson Investment Mangement

  • Total: 221
  • Actively managed unitised funds: 126
  • Investment trusts/closed ended funds: 61
  • Passively managed unitised funds: 0
  • ETFs: 2
  • Smart beta: 0
  • Alternative Ucits: 24
  • Alternatives: 8
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Genevra Banszky von Ambroz (pictured), deputy fund manager

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Société Générale

  • Total: 2,525
  • Actively managed unitised funds: 250
  • Investment trusts/closed ended funds: 5
  • Passively managed unitised funds: 0
  • ETFs: 2,000
  • Smart beta: 20
  • Alternative Ucits: 50
  • Alternatives: 200
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

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Stonehage Fleming

  • Total: 79
  • Actively managed unitised funds: 60
  • Investment trusts/closed ended funds: 2
  • Passively managed unitised funds: 0
  • ETFs: 12
  • Smart beta: 1
  • Alternative Ucits: 4
  • Alternatives: 0
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Alastair Dean (pictured), senior associate

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Tcam Asset Management

  • Total: 20
  • Actively managed unitised funds: 13
  • Investment trusts/closed ended funds: 0
  • Passively managed unitised funds: 0
  • ETFs: 0
  • Smart beta: 0
  • Alternative Ucits: 5
  • Alternatives: 2
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Haig Bathgate (pictured), co-CEO & CIO

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Thesis Asset Management

  • Total: 54
  • Actively managed unitised funds: 23
  • Investment trusts/closed ended funds: 4
  • Passively managed unitised funds: 10
  • ETFs: 6
  • Smart beta: 2
  • Alternative Ucits: 4
  • Alternatives: 5
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Matthew Hoggarth (pictured), head of research

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Thomas Miller Investment

  • Total: 170
  • Actively managed unitised funds: 60
  • Investment trusts/closed ended funds: 0
  • Passively managed unitised funds: 15
  • ETFs: 65
  • Smart beta: 0
  • Alternative Ucits: 30
  • Alternatives: 0
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Jordan Sriharan (pictured), head of collectives research

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Tilney

  • Total: c300
  • Actively managed unitised funds: N/A
  • Investment trusts/closed ended funds: 25
  • Passively managed unitised funds: 65
  • ETFs: N/A
  • Smart beta: N/A
  • Alternative Ucits: N/A
  • Alternatives: N/A
  • Segregated mandates: N/A
  • Sub-advisory arrangements: N/A

Ben Seager-Scott (pictured), chief investment strategist

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Walker Crips

  • Total: 135
  • Actively managed unitised funds: 50
  • Investment trusts/closed ended funds: 10
  • Passively managed unitised funds: 10
  • ETFs: 30
  • Smart beta: 5
  • Alternative Ucits: 10
  • Alternatives: 10
  • Segregated mandates: 5
  • Sub-advisory arrangements: 5

Gary Waite (pictured), portfolio manager

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Waverton Investment Management

  • Total: 87
  • Actively managed unitised funds: 51
  • Investment trusts/closed ended funds: 16
  • Passively managed unitised funds: 0
  • ETFs: 3
  • Smart beta: 2
  • Alternative Ucits: 13
  • Alternatives: 2
  • Segregated mandates: 0
  • Sub-advisory arrangements: 0

Luke Hyde-Smith (pictured), head of third party fund selection

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