Almost half of the world's 8.6 million wealthiest investors have lost confidence in their fund manager, according to a report that lays bare how the credit crunch has damaged their personal fortunes, reports The Times.
Investors' lack of faith prompted a quarter of those with financial assets of more $1 million to pull funds from a manager or dismiss their adviser last year, according to a report by Merrill Lynch Wealth Management and Capgemini, the consultant. Individuals of high net worth and ultra-high net worth, who need financial assets of more than $30 million to qualify, are worth a collective $32.8 trillion, according to Merrill and Capgemini's annual World Wealth Report, published yesterday. Full story...
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