Changingof theguard

Investor psychology remains governed by fear and greed but their reactions to market events may be quicker these days, Fidelity Special Situations manager Anthony Bolton notes. In looking back over his 28-year term on the UK fund, he highlights a number of key changes in both the City and the way in which funds are managed. "It used to be all about getting the information that no one else knew, now it is how it is interpreted," he says. But today the City itself has become a meritocracy where investment banks, once a small influence, are now a huge part of the system. The influence of hedge...