Graham Bentley

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Graham Bentley: Too many costly funds are doing the same thing

Competition and technology should have forced down prices for investors When, in 1931, M&G created the First British Fixed Trust, the UK’s – and indeed Europe’s – first unit trust, there were no Penguins. Penguins were first created in 1932. Yes, I was shocked too, until I realised that was the chocolate biscuit, not the […]

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Graham Bentley: Closet tracker impact on active management is underestimated

It is encouraging to see the FCA close in on lazy fund management, but more needs to be done  Without fanfare, the FCA has confirmed its intention to  punish lazy fund management. Several groups have been persuaded into voluntarily compensating investors who bought their beta-posing-as-alpha products, otherwise known as closet trackers. The regulator suggests that […]

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Graham Bentley: Fund manager fees witch-hunt misses the point

The anti-fund manager invective is misdirected. They are as confused as platforms and advisers when it comes to calculations.  Managing advisory investment portfolios has never been straightforward. The requirement to disclose transaction fees may very well see their demise. In principle, I am an advocate for transparency. It promotes accountability, and, as a former SEC […]

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Graham Bentley: The many problems with asset allocation models

Former FCA technical specialist turned consultant Rory Percival’s recent survey of risk profiling tools has stirred up yet more controversy regarding the suitability of asset allocation models within a risk assessment framework. I have had a number of approaches from model portfolio managers asking for help with asset allocation modelling, in particular the process of […]

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Graham Bentley: Why advisers should worry about the FCA’s platform market study

Platform gurus have recently been opining on the FCA’s deluge of market studies; in particular questioning the point of the Investment Platforms Market Study. As Lang Cat consulting director Mike Barrett saw it: “You can’t help wondering whether the more detailed areas of focus are structured to prove (or disprove) a problem the FCA is […]