'Subscale' DFMs face M&A boom

Research by ComPeer for Investment Week analysed the 119 firms in the UK with a DFM service. It found 30 firms had less than £500m in group assets under management, with 41 under the £1bn mark. A similar survey by Defaqto of 78 firms found nearly half had less than £500m of discretionary in AUM, with 13 firms under £100m and a further 12 under £250m. Analysts noted the industry has already seen some M&A activity and, with more than a quarter of the industry's discretionary fund managers holding assets under management of less than £500m, this looks set to continue. "We expect corpo...