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Fund managers “incompetent lemmings”


The average UK pensioner will be £20 worse off a week because of fund managers&#39 incompetence, according to a leading industrialist.


Former Confederation of British Industry director-general Sir John Banham said he calculated the fund managers&#39 who have chased IT stocks in preference of international retail sector stocks had cost every household in the UK more than £10,000.


He says that by chasing performance and undermining traditional stocks fund managers have hit the pockets of pensioners.


Banham called upon investors and business to “think very hard about how we restrain the lemmings before further damage is done to the markets in which we all have a stake”.

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