Summertime and the living is far from easy

Being a fund manager is getting much harder. Not just the increasing competition and the formal regulatory burden, but the meeting of targets. For some, it is just not fun any more, and having made a reasonable amount of money, they are quitting to find more fulfilment ' running bird sanctuaries or becoming a chef. Others still seek the buzz, but resent committees and clients hanging on their coat-tails, so they are going solo with private investment boutiques. One of the biggest risks for investors is the increasing correlation between market sectors, so that when one sector moves, others...