Northern Trust conducted the survey among 30 of its fund manager clients who attended a recent workshop entitled "Are you ready for the UK Retail Distribution Review".

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RDR implementation will see commissions on product sales being prohibited, and clients paying the advisor the charges earlier agreed upon by the advisor and the client. The move would result in clients paying for the advice independently of the product or from the product itself.

Karen Hamilton, head of fund administration product development (EMEA) at Northern Trust, remarked: "The RDR, due to come into force 31 December 2012, will affect any fund distributed in the UK to retail investors, with managers needing to consider their distribution channels, asses changes and determine what services they want to offer to IFAs and investors."

Regarding the survey she added "While it seems clear that the majority of fund managers we surveyed (74%) have considered the impact of RDR and are actively working on adapting their business’ accordingly, they see a diverse number of challenges affecting the implementation of the RDR."

In the survey, 68% of the respondents said that they planned to launch 1-3 additional share classes and 21% said they were not planning on any new launches. Further, 56% of the respondents opined an increase in the amount of business through distribution platforms.

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"There is no doubt that fund promoters need to start planning their response to the RDR now in order to capitalize on opportunities presented in a rapidly changing investment market," added Hamilton.