SOMETHING FOR THE WEEKEND
It will doubtless barely register on the Richter scale for most investors, but this has been a seismic week for the UK fund industry.
First, two of the country’s biggest asset managers, Schroders and M&G, announced they were leaving the Investment Association, the industry trade body. Then, apparently fearful that other firms would follow, the IA’s board voted to sack its chief executive Daniel Godfrey.
Throughout his three-year tenure, there have been growing concerns among members that Godfrey was too consumer-friendly on issues such as fee transparency. He recently introduced a “statement of principles” in which asset managers were asked to promise to put clients’ interests first; at the last count, only 25 out of more than 200 IA members had signed up.
More on our top story..
Meanwhile, in other news..
In case you missed it, last week was Dimensional Week!
Here are some reads I’ve enjoyed..
List of worst performers dominated by brand-name UK equity funds (Eleanor Lawrie)
Forgive me if this seems a little parochial, but for the right company, or individuals, this could be an excellent opportunity.
My company Ember Television has undergone some exciting developments lately. They include the launch of this blog and of Regis Media, our new content marketing division for evidence-based advisers. We’ve also purchased a new studio in the office building in Birmingham where we’re based.
The upshot is that we have space to share in Studio 403, our penthouse office suite. We have five workstations available, and ideally we’re looking for people who share our goal of helping to change the investment industry for the better.