As commentators including Moody's predict a surge in assets under management this year, Rebecca Jones asks whether fund houses are a sound investment...
Nick Train, director, Lindsell Train We've owned the asset managers we invest in for a long time - more than ten years for some. So, we're buying them for long-term reasons, not because we expect the stock market to do very well or because Moody's says this is going to be a good year for them. My comment about observations such as Moody's' - and it's not as strong as a rebuttal - is that surely the stock market knows this already. All of the asset managers, certainly the ones we own, went up a whole lot last year; Schroder's was up 60%, Hargreaves doubled in value and Rathbones was up ...
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