A discretionary fund manager is a company whose clients are primarily financial advisers but which also has the freedom to buy and sell investments at its own discretion.
The Discovery’s DFM entity, Cogence, will combine asset allocation strategies from BlackRock and use client data from Discovery-owned behavioral change platform Vitality to create a raft of custom products for customers, the insurer said in a statement. There are several DFMs in South Africa but most of them do not have substantial expertise in offshore market, which is a gap that Cogence would look to plug, Gore said.
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