The contrarian investorHot under the collar

Many moons ago I mentioned in this column my leisurely lunch one fine summer's day with Mr Ed Moisson from Lipper, discussing the costs involved with fund management. The overall focus of our discussion was on the rising cost of fund management, the wonderful new fee structures being introduced and the even more worrying trends on the mainland in Europe. Ed clearly knows his TERs from his 'common-or-garden onion's and so I asked him to dig around in his database and examine how expenses are related back to performance. Well Mr Moisson has indeed reported back and I have to say even a ha...