"Do you know the problem with vertical integration?" asked the chairman of the improbably-sized investment company Prandeamus Asset Management. "Aside from the phrase itself?" I replied. "I'm not sure I'd know where to start."
"It was more of a rhetorical question," said the chairman. "The real problem is it just makes my life so horribly complicated when it really could all have been so straightforward. "After all - at least in theory - all you do is set up a few new companies and corner the market." "I'm not sure you should stick that on the front of any marketing material," I suggested. "No," said the chairman thoughtfully. "It turns out that isn't quite what the FCA had in mind when it comes to transparency. Still you don't need to tell me twice and we've pulped all those brochures. "But anyway, now the...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
