Not a day seems to go by at the moment without a fund manager leaving the group they work for, then suddenly popping up the next week somewhere else.
This might seem ironic, given the ‘pressure’ that apparently there has been on fund charges, with the advent of the Retail Distribution Review (RDR) and broader demands by investors for ‘transparency’. Transparency really means cheaper headline fees, so at least various people in the chain can claim they are doing it more cheaply than they did before. Dig below the surface and how much cheaper has investing in a fund become? The answer is it has not at all. Arguably, this is a good thing, because on one level it helps create the business case for more fund innovation. The adoption ...
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