My understanding is that FID doesn't make individual investment...

My understanding is that FID doesn't make individual investment decisions for its clients centrally. It's not a managed fund. Rather, investors advise clients individually, and clients have a degree of choice in their investments or at least in their choice of fund manager. One would hope that most fund managers have made some attempt to mitigate the current losses, or indeed that their losses have been lower than the average because they chose their investments well! In the event that a client feels poorly served, I imagine they might first consider changing fund managers, rather than ditching FID as their advisor and platform. One hopes...

Certainly all this is bad news for FID, but I think it's better placed to survive than many businesses. Also, FID's growth strategy has been to acquire quality financial planning businesses. Those will be cheaper in the near future. Moreover, a good shakeup like the present one always removes competition from any sector. FID merely needs to be stronger than its competition to mop up some extra market share, and my guess is that it will be. A lack of debt and a track record of conservative stewardship is a good sign.

Having ditched out of this stock in January at around $6, I've have just begun to re-enter with an initial nibble around $3.75. I wouldn't be surprised if there was more downside to come, but I think it's a long-term keeper. It seemed expensive to me at $6, but mostly I was lucky to get out when I did. Let's hope that the current prices prove to be cheap!