"We don't do the IFA work so we are somewhat dependent on IFAs."
He also does not think his services are expensive, especially relative to an IFA's service. Direct clients pay 1 per cent but for the MPS it is about a quarter of that, he says.
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"Those fees have been under pressure in our world but they haven't really been under pressure the same in the IFA world," he says.
"I think there's a place for each of us. If an IFA isn't keen on the cost of an investment manager I'm sure they'll change or work out how to do it themselves, and plenty do, to varying success.
"I still think there's a place for a specialist investment manager."
carmen.reichman@ft.com
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