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The Platforum launches DFM analysis tool

Freddie Findlater The Platforum

The Platforum has launched a tool analysing discretionary fund managers available through platforms.

The consultancy firm says it does not aim to provide a full due diligence service but looks to make advisers’ options clearer when selecting a DFM via a platform.

The DFM Pat has been developed with investment consultancy firm Albemarle Street Partners, set up by former Skandia Investment Management chief investment officer Clive Hale, ex-Saltus Partners multi-asset fund of funds manager Dan Kemp and ex-Legg Mason fund manager Sam Liddle.

The Platforum head of adviser platforms Freddie Findlater (pictured) says: “According to our research with advisers, the trend for outsourcing investment management of portfolios is on the up. When engaging with DFMs via an investment platform, there is some real confusion in the market about how much freedom that DFM has to run investments.”

At launch, DFM Pat has information on 12 DFMs available through platforms.

Thomas and Thomas Financial Services managing director Darren Lloyd Thomas says: “I think it is a good idea because there is a lot of DFMs out there and it can be a bit of a minefield although I do think the number of advisers using them will shrink dramatically now the FSA has prevented them from being remunerated by DFMs.”

In October, the FSA consulted on changes to adviser charging rules to ensure advisers do not receive “kick-back” payments for referring clients to discretionary fund managers after 31 December.


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