Rathbones' Webb expects change as first value assessments published

Initial assessment of value publications to be released

Rathbone Unit Trust Management CEO Mike Webb is among a number of experts predicting a shake-up in fund offerings across the industry in the wake of the publication of the UK's first value assessments, which has led some to expect "rationalisation" of existing offerings and the closure of poor value vehicles.

All fund managers offering funds in the UK will be publishing assessment of value publications (AoVs) in the coming weeks for funds with accounting years ending 30 September 2019, following the action taken by the Financial Conduct Authority (FCA) in the wake of its 2018 Asset Management Market Study. The process requires asset managers to prepare a report for fund boards, which, with the aid of independent non-executive directors, sign off on the report before a public AoV is produced. There is no official template for how AoVs should be presented, but the FCA has provided a "non-exh...