Assets under management in the U.K. fund of funds industry soared 48% in the second quarter compared with a year ago, Citywire reports. “Funds of funds are becoming something of a phenomenon,” says Helen Stephenson of the Investment Management Association. “Even taking into account market movements, this is a pretty significant jump.” While some view the resurgence as proof positive that FoFs are becoming more popular as they now have longer track records, others suggest the growth is due to independent financial advisers “copping out” by turning to funds of funds so “they don’t have to do research on underlying funds,” says Justin Modray. He notes that investors still benefit, even with the extra layer of charges, because “they are gaining access to a better set of funds than the hotchpot set of funds drawn up by some IFAs.”