U.S. Subadvisory Marketplace 2018: Shifting Product Use Drives a Changing Landscape

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This annual report, in its second iteration, examines the current U.S. subadvisory landscape, and how sponsor and subadvisor firms partner to build investment products. The report analyzes subadvisor and sponsor perspectives in detail, examining their views on industry trends shaping subadvised product demand, initiating subadvisory opportunities, the due diligence process, maintaining subadvisory relationships, and fees/pricing. For sponsors, this includes both mutual fund managers and exchange-traded fund (ETF) issuers, and also insurers offering variable insurance products. Cerulli also dissects organizational structures as they relate to the subadvisory function, across both sides of a subadvisory relationship.

The report also includes a robust sizing of subadvised assets in select vehicles, including long-term mutual funds (MFs), retail variable annuity products (both subadvisory and variable insurance trusts (VITs)), and ETFs. With more than 65 research participants, data comes from research interviews and two proprietary surveys. Participants include subadvisory sponsors, VIT managers, MF subadvisors, ETF subadvisors, and variable annuity subadvisors.

Reasons To Purchase:
  • Review a brief market overview with projections for subadvised segments including mutual funds, ETFs, and retail variable annuities (VAs)
  • Examine key emerging trends and opportunities in the U.S. subadvisory market, such as the changing dynamics of subadvisory within mutual funds, challenges in the VA market, and long-term potential for subadvisory in the ETF vehicle
  • Understand how subadvisor and sponsor perspectives can differ when it comes to attributes necessary to maintain subadvisory, and factors that ultimately lead to termination
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