Alan Miller, founder of wealth manager SCM Private, has teamed up with Deutsche Bank to run an actively-managed exchange-traded fund charging all-in fees of 1%, a third of those levied by rival retail funds which allocate money between third-party providers.

Miller and Deutsche Bank are effectively endorsing each other. Miller can hope to gain distribution for his new fund through a big bank. Deutsche has won Miller's support for the synthetic ETF products provided to him by its db X-trackers business.