THE POINT BEING : SMAs are becoming sell side if they package up an MIS like a product. The god is the PDS not the client.
It wasnt too long ago that 250-350 basis points was a 'benchmark' for what an investor would pay on their investments for the provision of advice. Included in this were expert advice, choice / selection of funds, administration of assets, professional investment management, custody, trusteeship and safekeeping, licensing (with insurance), and much much more. I [...]