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Redrawing the lines
Fund managers need to negotiate in order to get the best distribution agreements, but it is their partners who hold the power. Conducting a cross-border partnership is no easy matter for product provider or distributor. Such links can be disrupted by operational difficulties – as happened recently before the dissolution of a joint venture between US manager of managers SEI and French bank CCF. Relationships can also be redrawn due to economic or political changes.
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