Institutions..read internalisation by domestic superannuation funds. Jana and Frontier (both investment consultants) work closely with the industry funds in particular, performing analysis on the benefits of internalisation. This has been going on for the past 15 years....UniSuper, then VFMC, AustralianSuper, CBUS, HESTA....the list goes on. Building out internal capability is the flavour of the month....be you own judge as to whether they can match or outperform on an after-expense basis. Remember, by internalising they are taking on fixed costs vs outsourcing.
Unless you have a particular skillset that they can't replicate, as an investment manager you are swimming against the tide. And even if they can't replicate it, they will and are driving management fees down so much that it's not worth it. I heard one of the Industry funds was shown $500mn capacity in a Private Credit mandate @ 25bps management fee....their response was 'come back at 15bps'. So what do they do? They internalise it where transparency is nil, or they get someone prepared to get a foot in the door at 15bps with rubbish performance.
Disclosure: Not held, massive bear on the LT future of plain/vanilla investment managers.
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