It’s good Stephen Mayne plans to expose fund manager packages but hopefully he will incorporate plenty of context.

Good stock pickers are rare and are certainly worth very good money, however managing business risk is the biggest concern of the most larger institutions – i.e. don’t stuff up (take a risk), don’t lose mandates and you’ll be OK.

It is these guys with the huge FUM, exhorbitant retail fees and benchmark hugging attitude that are taking Joe Public for a ride. You can spot them easily – they have ads on the sides of buses.

Also don’t forget the financial planners direct most of the inflows so naturally they pick the rock stars/brand names/last year best performers/best conference destination.

Boutique Manager