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A Shift In The Business

Back before the holidays we wondered aloud if self-administered funds, common in the United States and less so in Europe, had any future. We suspect not. Now, with former Made-off sponsors (like Union Bancaire Privée) shying away from integrated shops, and other firms recommending that their investors pull any capital housed in such institutions, the new rule of due diligence might include the checklist item "do you use a third party administrator?"
Lots of luminaries seem to enjoy claiming that the infrastructure of "Modern Finance" is finished. We prefer to think that the old regime is finished, but that a new one is waiting anxiously to take its place.