9 Who is a distributor? Discretionary Investment Manager Manufacturer Distributor Discretionary manager creating (‘manufacturing’) its discretionary management services (model portfolio service (MPS), tailored or bespoke solutions) √ It is manufacturing its discretionary management services √ It will be distributing products, for example funds, through its discretionary management services Discretionary manager creating a discretionary model portfolio service (MPS) √ It is manufacturing a discretionary MPS √ It will be distributing products, for example funds, through its discretionary MPS Investment platform Manufacturer Distributor Platform Service Provider creating (‘manufacturing’) its platform services √ It is manufacturing its platform services √ It will be distributing products, for example funds, via its platform
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