Tag Archives: Asset management

The value to me of “set and hold”!


  The FT is masterful with understatement. A 2% charge can take quite a chunk out of the overall portfolio return If your predicted investment return is (say) inflation +3%, having to earn 2% to pay your investment manager, custodian … Continue reading

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A make or break week for UK investors


Are fund managers the new bankers? If you’ve read the excellent  (draft) FCA Asset Management Market Study, you’d be forgiven to think they were – (and that investment consultants were their knowing flunkies). The question now is how far the FCA … Continue reading

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Is pressure building on financial services?


One test of populism will be the extent to which “populist” Governments take on the cost of saving and investing. We are used to “bank bashing”, they were the justifiable targets of public wrath for the savings and loans crisis, … Continue reading

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How we’re responding to the FCA’s Asset Market Study


Pension PlayPen response to the FCA Asset Management Market Study Interim Report (MS15/2.2) This response focusses on “proposed remedies” and how to make them effective. The aim of Pension PlayPen is to restore confidence in pensions, we see public confidence … Continue reading

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Let loose the dogs of law!


In this article, I argue that until those who manage funds and assets are held responsible to the end consumer we will not see effective enforcement of reforms. The central thrust of the FCA’s Asset Management Market Study (interim) is … Continue reading

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The bonus culture in asset management.


  Asset managers pay themselves big bonuses Now we learn that bonus payments distort the way that active managers trade stocks. Anton Lines ‘ recent paper draws this conclusion from a manager of managers “The paper suggests that active managers … Continue reading

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Advisers turn the key to the FCA’s fund governance condundrum.


One of the recent themes of this blog is  “What rights we have over “our money”. John Kay’s book – “other people’s money” argues that the money held on account by asset managers should always be considered as held in trust … Continue reading

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Why we can’t dissolve fund management like monasteries


  If you had to pay for advice – would you pay for judgement or luck? Con Keating makes an important point in response to my blog, in denial and in disgust it is required by statute to retain an … Continue reading

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Michael Johnson – 80% of fund management industry is redundant


Michael Johnson has responded to the FCA’s Asset Management Study for the Centre for Policy Studies. Here  is his paper is in full. SUMMARY The Financial Conduct Authority (FCA) is to be congratulated on its recent interim Asset Management Market Study. … Continue reading

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Strong on “money”- weak on “value”; the FCA and asset management.


if we believe that asset managers can materially improve the markets whose assets they manage, we need to understand how. Continue reading

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