Property News · June 18, 2016

They charge huge fees, but are fund managers really working for you?


We talk to one of the authors of a devastating critique of the City and Wall Street, exposing how Anglo-American money management is failing the populations of both countriesBeth lives in Atlanta, Cathy lives in Aberdeen, and Sarah lives in Amsterdam. They are sisters, and each earns around £40,000 a year. They also each pay roughly the same amount into a pension scheme. But, on retirement, Sarah in the Netherlands picks up a pension that is 50% higher than her sisters in Britain and the US. Why?In a shocking new book Jon Lukomnik, the former head of New York’s $100bn city workers pension fund; David Pitt-Watson, the former director of a £50bn fund group in Britain; and Stephen Davis, who served on the US Securities and Exchange Commission and is now a senior fellow at Harvard, blow the whistle on how Anglo-American money management is failing the populations of both countries – and discuss what can be done to fix it. Continue reading…

Source : theguardian.com
Read more…They charge huge fees, but are fund managers really working for you?

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