Fees of the future

ITs

James Budden, marketing director at Baillie Gifford, explains the cost benefits of global growth investment trusts.

A classic story about Wall Street involves an out-of-towner on a tour of Manhattan with his urbane friend. The two arrive at the harbour, where the city dweller points to a line of elegant vessels. “There are the bankers’ yachts,” he says grandly. “And there are the brokers’ yachts.” The visitor looks at the magnificent fleet and asks, “Where are the customers’ yachts?” It is a funny story but for those of us in the financial services industry it creates a feeling of unease in today’s environment. We currently live in a world of banker bashing and hedge fund hating. The fund managemen...