CMA final report on investment consultants market investigation

On 12 December 2018, the Competition and Markets Authority (CMA) published its final report following its investigation into investment consultancy and fiduciary management services. The CMA carried out this investigation following a reference from the FCA in September 2017 at the conclusion of its Asset Management Market Study (our blog on the study is here). The CMA’s investigation covered investment consultancy and fiduciary management as defined in the terms of reference: investment consultancy services – the provision of advice in relation to strategic asset allocation, manager selection, fiduciary management, and to employers in the UK; and fiduciary management services – the provision of a service to institutional investors where the provider makes and implements decisions for the investor based on the investor’s investment strategy in the UK. The service may include responsibility for all or some of the investor’s assets. The service may…

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