"Do you know our upside from the FCA's final Asset Management Market Study report?" the chairman of the improbably-sized investment company Prandeamus Asset Management asked me when I visited him last week.
"Aside from active fund managers not receiving quite the spanking the forces of light and goodness in the passive community felt was merited by your pirate-like behaviour over the decades?" I checked. "Well, of course we know they would have preferred it if the FCA had forced us to operate on a not-for-profit basis - or ideally, I suppose, a not-at-all basis. But then we've known for a while now it is only a matter of time before the regulator pushes for its own version of a financial services utopia." "Half a dozen Vanguards and a branch of St James's Place in every Aldi?" I sighed. ...
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