How much is that wrapper in the window?

One of the most fascinating aspects of the manic restructuring and repositioning prior to RDR is the process of price discovery.

As full transparency is forced into both the fund management and advisory space, it is becoming clear where all those basis points of cost are ending up. The decision by J.P. Morgan and Schroders to position two of their funds ready for life post-RDR is fascinating, with the bar now set for 50 basis points as the maximum cost of active fund management post-2012. What about the wrap platforms? Do they deserve their 25 to 50 basis points of cost revealed by this process of price discovery? Can a technologically-based infrastructure really warrant charging 30 basis points for housing an in...