SG Asset Management foun-der Nicola Horlick denounced the star fund manager culture this week, claiming a fund's performance can never be attributed to an individual.
In an exclusive interview with Money Marketing, SGAM joint managing director Hor-lick said increasingly sophisticated markets make it impossible for one person to be responsible for a fund. She said all funds are now run on a team basis.
Horlick, who was recently named the 40th most powerful woman in the UK in a report by Business magazine, is one of the most high profile star fund managers.
The comments come just weeks after the start-up of New Star Asset Management, which says it intends to build its business around the star fund manager culture.
Horlick, who sat on the Skandia Pathfinder Forum this week, also criticises parts of the industry for not being explicit enough on how much risk investors are being exp-osed to with their funds. She claims many European and UK fund managers overexposed investors to technology over the past 18 months and had greatly increased the volatility of their funds.
Horlick says: “The idea that a fund is the creation of one individual is just nonsense these days. Markets are very sophisticated and it is not possible for one person to know everything about everything.
“Even though one person might be the figurehead of a fund, in all organisations, the fund is the work of the team. If you took a typical star fund manager and put them on a desert island with a Reuters screen, they would not perform.”