In a world where in-house asset management offerings tend to dominate, sub-consulting is a way for clients to access an open architecture at a competitive price. They can thus benefit from the operational expertise of their distributor and better risk management, in particular thanks to access to the transparency of sub-advisory portfolios. This is important in terms of performance, management and customer relationship. In a sub-advisory relationship, the advisor may hire or fire external managers as he or she sees fit in terms of investment performance. The advisor can negotiate all the terms, fees and services to be provided on behalf of the client – which some clients may prefer because they do not need to be heavily involved. Sub-advisory relationships cover the entire investment universe. Any type of fund can be underestimated. .