Here’s one asset manager willing to argue that chasing the short term is against ordinary savers’ interests.
‘The chasing of short term past performance is costing institutional investors anywhere between 80 to 150 basis points a year’ Carol Geremia of MFS Investment Management told the Financial Times this week.
And she supports the idea that there should be a discount for longevity where fees decline over the lifetime of a relationship with client to help promote more long term investment.
We need more asset managers like this if the City is to move from a focus on winning new business to doing the best for its clients.
This is the argument set out in the Tomorrow’s Company Better Stewardship report.