They should also focus on offering broader, less volatile vehicles that make good long-term investments – the trend towards mixed-asset funds and solutions in the UK is a step in the right direction.
Finally, regulators need to step up and deliver on the promise of a common market for funds that allows worthwhile offerings to build scale and keep costs down. The first two are easily within the grasp of fund companies.
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Christopher Traulsen is director of European fund research at Morningstar
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