Excuse the speculation again but given you have released some details but not the full picture, I think you can only expect such.
I can imagine IBKR becoming the new broker - given the size of IBKR we can hope for better swap rates.
What I am struggling to understand is how Darwin becomes the Manager when more flexibility is being given to Darwin Providers to set risk.
Creating Darwins as ‘products’ (a “new asset class”) to sell is a great opportunity for Providers. Entering into remuneration arrangements with Advisors will be key and hence the flexibility of those arrangements will be important (size/ time commitment of capital vs additional follow on capital raised).
The regulation of the Darwin Providers also comes to mind. Will this become more important since investors committing funds will not want the risk of the Provider being ceased for acting as an investment manager without a license. If Darwin can structure this new product to remove the licensing requirement for providers (in most countries) this would obviously be very attractive to Providers.
I note the recent move to describe Darwins (or some new derivative thereof) as an ‘asset class’. I wonder will this change the custody arrangement from the current banks (Natwest/Santander) to a new custodian of Darwins? Or is this simply a marketing term?
Finally on attracting new capital, are you thinking about getting in front of the ‘offshore’ trust industry which has billions of assets under administration controlled by local trustees which have a mandate to invest. Whilst most of the ‘liquid capital’ is invested conservatively, a new alternative asset class backed by strong custodians could open up a major new investment channel for Darwins.