Goldmans' Phillips: 'There will be losers' as MiFID II pushes larger sums to fewer funds

Goldmans awarded eight mandate over past six months

Boutique firms face further pressure as a result of MiFID II implementation as the rulings are pushing larger pools of money to fewer managers, and could lead to further consolidation throughout the asset management industry, it has been warned.

Goldman Sachs Asset Management's head of international retail client business Nick Phillips said his firm has seen evidence of an increase in the number of mandate being outsourced to the firm - it has won eight over the past six months - and this is a trend likely to gather pace a result of the Markets in Financial Instruments Directive II (MiFID II), which came into force in January. Speaking to Bloomberg, "MiFID II is increasing the volume of sub-advisory business in Europe," said Phillips.  He explained distributors such as banks, wealth managers and investment platforms are "look...