Property News · May 26, 2018

‘Ridiculously complex’: Top financier blasts UK’s biggest fund


A Standard Life fund that holds nearly £20bn of Britons’ cash should not have been sold to the public, says Alan MillerIt’s the biggest single stock market fund in Britain, holding nearly £20bn of small investors’ cash. Yet while the FTSE 100 has soared, hitting a record high this week, the fund, managed by Standard Life, has made nothing for investors for five years. Now Alan Miller, husband of anti-Brexit campaigner Gina Miller and a senior figure in the fund management industry, is calling it “potentially one of the greatest mis-selling scandals in the UK”.The fund is called Standard Life Global Absolute Return Strategies (Gars). It was launched in 2006 with a golden promise – a hedge fund for the masses that would make 5% a year more than savers would get from bank accounts and, crucially, without the usual volatility of the stock market. Continue reading…

Source : theguardian.com
Read more…‘Ridiculously complex’: Top financier blasts UK’s biggest fund

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