Deutsche signals push into boutique market

DeutscheAsset Managementwill increase its focus on boutique financial planning dealer groups by broadening its product base and further positioning itself as a source of technical support and service.

The group plans to expand its product range in the alternative product arena, having identified opportunities in the hedge fund and private equity areas, with a high yield product also in the pipeline.

Deutsche head of retail Bruce Murphy says the manager aims to further penetrate the boutique market with these products, as these groups tend to have an appetite for different and innovative products.

As part of the boutique push, Deutsche will also concentrate on an increased roll out of its Internet-based technical advice service — DeskCaddie. Murphy says most main players have already moved online.

At present 20 dealers, which collectively have 3,200 advisers, are using the service, but Deutsche aims to increase this to 40 per cent of the planning market by shifting focus to boutiques.

Murphy says these groups have a particular need for the service, as they often don’t have access to in-house technical expertise. He says the technical service is a distribution tool that “adds another leg to the relationship” with dealers.

Deutsche recently appointed former Threesixty technical services manager Graeme Hilder to its technical team to help with DeskCaddie. He will report to head of technical services Peter Haggstrom.

Despite its increased focus on boutiques, Murphy says a priority will also be to maintain the existing relationships the group has with the industry’s key players.