Seventy five per cent of fund managers have been in their jobs for no longer than four years, according to the UK fund industry review of 2005.Fidelity’s Anthony Bolton is now the third-longest-serving fund manager on the list, running the special situations fund since launch in 1979. Aberdeen’s Hugh Young has been running the company’s Far East funds for 17 years while Neil Woodford is the 13th-longest-serving fund manager, running Invesco’s high-income fund since 1988. Andy Brough has been running Schroders’ UK smaller com-panies fund for 15 years. The UK’s longest-serving fund manager, Mellon’s Iain Stewart, has been running the Newton exempt pension fund for 34 years since 1971. Michael Philips proprietor Michael Both says: “If a manager is any good, their employer will make them an offer they cannot refuse. This is certainly the case with Woodford and Bolton. “I am sceptical of young fund managers who have been all over the place. Obviously, they made the tea at Schroders and remembered to bring the biscuits at Aberdeen but why not stay somewhere for a while?”
The charges levied on funds are irrelevant compared with their performance, according to research from New Star.
There is a widely held misconception in the fund of fund industry that high turnover is something to be avoided.
The FSA is looking at outsourcing its mandatory electronic reporting system and other IT processes as part of a technology review. Spokesman Rob McIvor says if mandatory electronic reporting is outsourced, the data would remain under the control of the FSA. He says outsourcing is one of a range of ideas being linvestigated by the […]
Portman Building Society
Five Year Fixed
The managers of the Artemis Global Select Fund are buying back some of the equities they took profits in at the start of the year. To watch the video click here
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