Tim Gardener of William M Mercer foresees the end for traditional fund management structure but the view stands or falls on whether the globalisation of the world economy becomes a reality, according to Fidelity, the world's largest fund manager.

Gardener is promoting an investment structure that he calls 'matrix investment'. A portion of the equity portfolio should be invested on a regional basis, split equally between North America, Europe (including the UK) and the Pacific basin. The remainder should be invested in what Gardener calls 'global equities'.