Who are the gatekeepers restricting access to smaller funds?

Over the last few weeks, I have had a number of conversations with innovative fund providers about everything from a new managed commodities fund run by a boutique, through to a macro asset allocation fund launched by a large investment bank.

In each case I said how interesting I thought their product was, at which point the conversation always took a sadly predictable turn. “So, Mr Fund Manager, will I be able to buy this new fund through the platform provided by my IFA?” Nervous silence and much coughing. Small wrap platforms I never had the good fortune to deal with were mentioned, but when I quizzed them on the biggies –  more silence. That silence was usually followed by something like: “Well, David, those guys charge too much in terms of fees to get on the wrap platform, and besides, they really do not bother with fu...