Legal action is a real case of courting danger

Will 2001 be the annus horribilis of the fund management industry? The industry is under siege from all sides. The markets remain treacherous ' slow, thin and volatile. After seven fat years clients are struggling to accept how difficult it is to make money in these changed times. Retail clients, normally docile and eager to hand over their cash to managers they respect or even revere, have started sniping and sneering about 'mis-selling'. There is little public sympathy for the regulatory onslaught the industry is facing. Every aspect of the business is under scrutiny: links with brokers...