Investment Fund Distribution White Paper


Investment Fund Distribution White Paper

Where now for fund distribution?

Cross-Border Distribution Conference

Executive summary

Initially, several decades ago, demand drove product development and attracted distribution. That demand was from banks acting as intermediaries or managers looking for adequate solutions for the smaller saver, the investor with sufficient assets to be an attractive banking client but insufficient available savings to justify full discretionary management or a bespoke portfolio.

That pattern slowly morphed as Anglo-Saxon promoters with a more B-to-C distribution legacy, entered European markets favoring more diverse intermediated and direct retail distribution. It developed further with new and different distribution channels, and a complex and varied landscape emerged. It was and is a landscape populated by platforms and IFAs, by banks and insurers. It was and is a world of wrappers and retirement plans, of currency share classes and national reporting requirements. It is a landscape that has finally come full circle and started to reinvent itself, growing into an export, re-exporting that same expertise and diversity around the world that it originally imported to grow and thrive.

In many respects, the development has been opportunistic, almost haphazard. If crafted around the central pillars and point of reference that were and are the UCITS Directives; it has also extended into alternative, non-UCITS sectors, it has matched supply to demand across borders and continents, and has seen over 25 years of flourishing growth in UCITS alone.

In that time it has survived earthquakes and major geo-political upheavals, it has been through the dot. com bubble, and bear and bull markets alike. It has weathered the initial phases of one of the most ambitious experiments in economic history, the Euro.

PDF file: 1.77MB



  1. Distribution in a changing age
  2. The role of regulation
  3. The longer term…
  4. …retirement provision in a deflationary environment.
  5. The role of FinTech 20
  6. The client—the long road from caveat emptor to caveat venditor
  7. Designing a distribution strategy for tomorrow— the do’s and don’ts
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