U.S. Product Development 2022

The Intersection of Product Offerings and Investor Preferences

Future-Proof Product Initiatives

  • Explore market sizing and pricing trends for various investment vehicles, including mutual funds, money market funds, exchange-traded funds, and closed-end funds
  • Discover best practices for the product organizational structure
  • Understand the priority placed by product organizations on incorporation of ESG/SRI principles into investment products
  • Make informed product development and management decisions using end-investor and advisor demographic and attribute data
  • Evaluate the expansion of product lines in new vehicle structures, with a focus on exchange-traded funds (ETFs) and the choice of active ETF structures


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Report US Products and Strategies 2020 Detail

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Examine the complex U.S. product landscape for institutional and retail client segments, with special focus on financial advisor product use. Understand how advisors are using active and passive, which investment vehicles they prefer, and how they allocate client assets across asset classes/strategies.

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A Note from the Author

Asset Managers Explore Replicating Investment Strategies Using SMAs and CITs

Matt Apkarian, CFA

Matt Apkarian, CFA

Associate Director

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Matt Apkarian, CFA

Matt Apkarian, CFA

Associate Director

Matt is a member of Cerulli’s Product Development practice, which focuses on trends related to asset managers’ product development and management functions. This broadly includes assessing the opportunity for product development, evaluating emerging product trends, and understanding distribution and product positioning for investment products across retirement, retail, and institutional channels.

Prior to joining Cerulli, Matt held roles in several business units at Fidelity Investments, including Workplace Investing, Personal Investing, and Fund Operations. Most recently, he worked as an Investment Data Analyst for Strategic Advisers, LLC.

Full biography here.

More firms over the next year are planning to replicate existing strategies than are planning to build in separately managed accounts (SMAs) and collective investment trusts (CITs). The desire for lower-fee offerings for retirement plan participants (78%) is a key driver of product replication using the CIT, while the structural benefits (75%) such as customization and tax optimization are a key driver of product replication using SMAs.

88% of asset managers find that SMAs fit better into partner firms’ platforms, which call for added customization and personalization capabilities available to tailor investment strategies to individuals and households. 83% are choosing to replicate strategies using CITs due to requests from plan advisors, consultants, or plan sponsors, signaling that the proliferation of the structure is heavily demand-driven.

Overall, Cerulli expects replications and conversions to accelerate as asset managers look to expand their vehicle capabilities. Understand why managers are prioritizing replication using SMAs and CITs and access comprehensive product sizing to inform your strategic approach to product development with The Cerulli Report—U.S. Product Development 2022: The Intersection of Product Offerings and Investor Preferences.

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